Brazil’s iron ore exports to China rise 120 pct in value in first six months of 2011

15 July 2011

Brasilia, Brazil, 15 July – Brazilian exports of iron ore to China rose 120 percent from January to June in value to US$8.6 billion, according to figures published in Brasilia by the State Secretariat for Foreign Trade of the Ministry for Development, Industry and Trade.

Iron ore was, by far Brazil’s biggest export product to China, and overall Brazil exported iron ore worth US$18 billion in the first half of the year, a 90 percent increase year on year.

The Brazilian press has reported that the reason for this huge increase was a change introduced into the formula for calculating the price of iron ore that means the price is no longer valid for year, but rather for a three-month period. (macauhub)