China, Brazil trade grows nearly 10% in first 10 months of 2024

China's trade with Brazil increased by nearly 10 percent in the first 10 months of 2024, highlighting the deep economic and trade ties the two nations have built over the past 50 years, Chinese state broadcaster CCTV said on Sunday.

This year marks the 50th anniversary of the establishment of diplomatic ties between China and Brazil. 

Over the past 50 years since establishing diplomatic ties, China and Brazil have achieved substantial progress in economic and trade cooperation, with bilateral economic and trade relations making significant advances, benefiting the two peoples. 

The two nations are vital trade and economic partners. China has become Brazil's largest trading partner and the top export destination for 15 consecutive years, according to the report, citing the UN data. 

According to Chinese Customs, trade with the South American country grew by 9.9 percent year-on-year to reach 1.14 trillion yuan ($157.62 billion), maintaining steady growth, outpacing China's overall trade growth rate by 4.7 percentage points.

During this period, China imported 708.15 billion yuan worth of goods from Brazil, with exports to the country totaling 432.08 billion yuan. 

Brazil has been China's largest trading partner in Latin America over an extended period of time, with Brazil becoming the first Latin American country to surpass $100 billion in export value to China.

As China-Brazilian economic and trade cooperation continues to grow, an increasing number of high quality Brazilian products are entering the Chinese market. In the first 10 months of this year, China's share in Brazil's exports of soybeans and iron ore both exceeded 70 percent, while in pulp and crude oil, the share surpassed 40 percent.

In the meantime, a larger range of Chinese industrial products are entering the Brazilian market, significantly fueling up Brazil's re-industrialization.

In the January-October period this year, China's intermediate goods exports to Brazil grew by 11.8 percent year-on-year to reach 216.86 billion yuan, which accounted for 50.2 percent of all Chinese exports to Brazil.

Textiles, auto parts, electrical equipment, and display modules all recorded significant growth, with auto parts recording a 26.5-percent-increase and electrical equipment exports rising by 31.2 percent.

Analysts noted that the partnership between the two countries has not only achieved remarkable leaps in economic cooperation but has also provided substantial support for the modernization efforts of both countries.

For example, Vale, the Brazilian mining giant, announced that its accumulative iron ore export to China broke the 3 billion tons mark for the first time in 2023.

"As a close partner of China for more than half a century, our company aims to contribute even more to Chinese modernization with harmony between humanity and nature," Vale CEO Gustavo Pimenta told the Global Times at the recently concluded 2024 edition of China International Import Expo in Shanghai.