Trade between Brazil and China reached an all-time high of USD 157.5 billion in 2023 and has the potential to grow even further, according to a study by the Brazilian Trade and Investment Promotion Agency (ApexBrasil).
The Brazil-China Bilateral Trade and Investment Map, launched during the Brazil-China Economic Seminar in Beijing, identifies 400 trade opportunities for Brazilian exports to China, which total more than USD 800 billion, including in sectors with higher added value.
“The Bilateral Map helps to fill mutual knowledge gaps by bringing together macroeconomic information and structural analysis on bilateral trade and investment. It serves as a tool for formulating strategies and making decisions in the relationship between two relevant partners,” said Gustavo Ribeiro, ApexBrasil’s Market Access coordinator.
With this year marking the 50th anniversary of the establishment of diplomatic relations, Brazil is now China’s largest trading partner in Latin America and China is Brazil’s largest trading partner in the world.
Bilateral trade grew at a rapid pace in the 21st century, from USD 6.6 billion in 2003 to USD 157.5 billion in 2023, with exports reaching USD 104.3 billion, according to the Investment Map.
However, trade relations also face challenges, as Brazil’s exports to China are extremely concentrated, with three groups of products accounting for 75.1% of total exports to the country. In addition, exports are concentrated in commodities, with a predominance of agricultural and extractive industry products, and less technologically sophisticated products from the manufacturing industry.
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China is the eighth largest investor in Brazil, the first in Asia, and in some sectors is already emerging as the largest investor. At the same time, Brazil occupies a prominent place among Chinese destinations for infrastructure investments, ranking first among countries on the American continent, with 35 projects, and fourth globally.
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