(MENAFN) China and Brazil have enjoyed a strong economic partnership for many years, with China being Brazil's largest trade partner for 14 consecutive years. The two countries are highly complementary in economic cooperation, with Chinese demand for staple products from Brazil increasing in recent years. Before the first batch of Brazilian corn was imported into China via bulk ship in January, Brazilian agricultural products like soybeans, chicken, and sugar had already gained popularity among Chinese consumers. Brazilian beef, coffee, and propolis also attracted many visitors to the fifth China International Import Expo (CIIE) in 2021.
According to data from China's General Administration of Customs, the trade volume between China and Brazil stood at 171.35 billion U.S. dollars in 2022. China imported 54.4 million tonnes of soybeans and 1.11 million tonnes of frozen beef from Brazil, accounting for 59.72 percent and 41 percent of their total import amount, respectively. Brazil is also the first Latin American country to hit a trading volume of over 100 billion U.S. dollars with China.
Wang Cheng'an, a senior expert on Portuguese-speaking countries at the University of International Business and Economics, noted that Chinese demand for Brazilian agricultural products, minerals, and petroleum has been increasing. These industries have been pillars in the economic and trade cooperation between China and Brazil. Zhou Zhiwei, executive director of the Center for Brazilian Studies at the Chinese Academy of Social Sciences, also emphasized the importance of these industries in the two countries' economic partnership.
On Feb. 7, the People's Bank of China signed a memorandum of cooperation with the Central Bank of Brazil to establish renminbi (RMB) clearing arrangements in Brazil. This move is expected to improve bilateral trade efficiency and defuse external risks, providing an effective safeguard mechanism for trade between China and Brazil. Additionally, investment from China in infrastructure and projects for the public good has benefited Brazilians.
Overall, the economic cooperation between China and Brazil has strengthened over the years, with both countries benefiting from their complementary industries and trade relationships. As China's demand for Brazilian products continues to increase, and bilateral trade agreements become more efficient, the economic partnership between the two countries is expected to continue to thrive.
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