China consolidates position as Brazil’s main trading partner in 2018

3 January 2019

China was the main export destination for products from Brazil in 2018, consolidating its position as the country’s largest trading partner, according to data released in Brasilia by the Ministry of Industry, Foreign Trade and Services.

Figures released by the ministry show that China bought US$66.6 billions worth of goods from Brazil, which represents an annual increase of 32.2%.

Brazil exported basic agricultural and mineral products to China in 2018, such as soybeans, crude oil, iron ore, cellulose, beef and chicken, and raw cotton, among others.

Following China, the European Union (US$42.1 billion and +20.1%) and the United States of America with US$28.8 billion (+6.6%).

To the European Union, Brazil also exported basic products such as soybean meal, iron ore, cellulose, coffee beans, crude oil, soybeans, copper ore, among others, but to the United States a 6.6% rise in exports was influenced by the growth in sales of semi-finished steel, crude oil, aircraft engine parts, earthmoving machinery and equipment.

Brazilian exports to the US in 2018 were mainly industrial goods (about 60%), which consolidated the US market as the largest destination of industrialised products from Brazil.

Brazil’s balance of trade surplus in 2018 totalled US$58.3 billion, down 13.3% compared to the one recorded in 2017, although it is the second best performance since 1989.

The result was due to exports of US$239.5 billion, 9.6% more than a year earlier, but imports grew 19.7% to US$181.2 billion, according to the same figures. (macauhub)