China becomes Brazil's fastest-growing export market
According to the Brazilian economic newspaper 'DCI' on the 27th, citing statistics from the Ministry of Development, Industry and Foreign Trade of Brazil, China has become Brazil's fastest-growing export market this year, and it is expected to maintain rapid growth in the next few years. The report pointed out that the bilateral trade volume between Brazil and China reached 19.452 billion US dollars in the first 10 months of this year, of which Brazil’s exports to China increased by 44% year-on-year, ranking first among all Brazilian export markets. In the same period, Brazil’s exports to the European Union grew by 43%, its exports to Latin America grew by 22%, and its exports to the United States grew by only 6%. However, the United States is still Brazil's most important export market, with a total value of 16.4 billion U.S. dollars. Fernando Ribeiro, an economist at the Brazilian Foreign Trade Research Center, pointed out that this phenomenon shows that Brazil's exports are gradually diversifying and are no longer limited to a few regions. Countries such as China, the EU, the Netherlands, and Germany are becoming important export markets for Brazil. China's import demand for raw materials and agricultural products will drive Brazil's exports to China to continue to grow. China is Brazil's third largest trading partner. The economies of the two countries are highly complementary. The main products that Brazil exports to China are iron ore and soybeans. The main products that China exports to Brazil are textiles, footwear and communication equipment.