Brazil: Trade with China should increase 20 percent this year

31 March 2009

Sao Paulo, Brazil, 31 March – Trade between Brazil and China will increase by 20 percent this year compared to 2008, when it reached US$30 billion, president of the Brazil-China Chamber of Commerce and Industry, Charles Tang has said.

Tang said that the global financial crisis would not adversely affect the trade partnership between the two countries, but rather strengthen it, because they have “complementary economies.”

Charles Tang said that trade figures between Brazil and China had not only fulfilled, but succeeded expectations.

“1999 trade between Brazil and China amounted to US$1.5 billion and for 2010 the forecast was to reach US$30 billion and yet we closed 2008 with US$36.4 billion,” he added.

The Bank of China’s entry into Brazil with the opening of an agency in Sao Paulo, the first in South America, should boost trade even further.

The Chinese package of US$586 billion to stimulate the economy should contribute still further to the expansion of trade between Brazil and China, “as it will inject cash into infrastructure work in China, which will require ore and steel, products which Brazil exports,” said Tang (macauhub)