Commercial exchange between Brazil and China has reached surprising levels, marking a record trade surplus and pointing to an increasingly robust commercial relationship between these two economic powers. At the beginning of this year, the numbers revealed a promising panorama: Brazilian exports to China reached the US$7.769 billion mark in January 2024, registering a notable increase of 53.7% compared to the same period of the previous year. Meanwhile, Chinese imports to Brazil also showed solid growth, with an increase of 10.2% and a total value of US$5.062 billion.

These impressive numbers resulted in a bilateral trade flow totaling US$12.831 billion, representing an increase of 33% compared to the previous period. This substantial increase not only reflects the strength of trade relations between the two countries, but also generated a trade surplus of US$2.707 billion in favor of Brazil, demonstrating the growing importance of China as a strategic trading partner.

The positive data did not go unnoticed by international trade observers. José Augusto de Castro, president of the Brazilian Foreign Trade Association (AEB), highlighted the relevance of the current results, highlighting that not only bilateral trade with China is on the rise, but also the general statistics of Brazilian foreign trade are demonstrating a satisfactory performance.

One of the main reasons behind this boom in trade relations is the significant increase in Brazilian crude oil exports, which grew by an impressive 60.1% compared to the previous year. This substantial increase is a direct reflection of China’s growing demand for energy resources.

However, not all sectors recorded such significant increases. Beef exports from Brazil to China, for example, fell by 12%, totaling US$426 million. On the other hand, products such as cellulose increased by 22.4%, reaching a total of US$342 million in exports. Despite representing a smaller portion of bilateral trade, Brazilian industrial products, such as those exported to the Chinese market, also saw an increase, reaching US$74 million in January.

It is important to note that, despite progress, bilateral trade still reveals a concentration in low value-added products. Sectors such as oil, iron ore and soy continue to dominate Brazilian exports to China, collectively representing 70% of the total. This dynamic highlights the need for diversification and enhancement of Brazilian exports, aiming for a more balanced and sustainable relationship in the long term.

In short, the notable growth in trade between Brazil and China is a reason for optimism, but it also points to challenges and opportunities. As these two economies continue to integrate, it is essential to pursue a more diverse and mutually beneficial trading relationship that drives economic development and strengthens ties between these important nations.