Brazil wants to diversify exports to China

21 January 2019

Brazil wants to diversify its exports and reach a greater number of bilateral partnerships, particularly with China, the country’s largest trading partner, the new economy minister said in Brasilia at an audience with the Chinese ambassador.

The ministerial team intends to stimulate the sale of higher value-added products to the Chinese market whilst reducing the weight of raw materials in bilateral trade, Minister Paulo Guedes told Ambassador Yang Wanming, according to the ministry’s information service.

Guedes also told Yang Wanming that Brazil intends to do business with as many countries as possible, “without any ideological bias” and gave assurances that the new government will maintain economic pragmatism, “while keeping the country in the Western hemisphere.”

Exports from Brazil to China in 2018 accounted for 26.8% of the total and amounted to US$64.2 billion, with the main products sold being soybeans, crude oil and iron ore.

In turn, Brazilian imports from China reached US$34.7 billion and were concentrated on industrial goods and capital goods, such as drilling and mining platforms. (macauhub)