China has become Brazil's third largest machinery equipment supplier, with its machinery exports to Brazil surging nearly 150 percent to $364 million in the first two months of 2008, the Brazilian machinery builders association said Tuesday.
In the period under review, Brazil imported machinery equipment worth $3.27 billion, a 66.1-percent increase year-on-year, according to figures released by the association.
The United States is Brazil's largest machinery equipment supplier, exporting $835 million worth of equipment to the South American nation. It is followed by Germany with an export value of $465 million.
The vice president of the Brazilian Machinery Builders' Association, Jose Velloso Dias Cardoso, said: "Three years ago, China was the 15th supplier of machinery equipment to Brazil. However, by last year it had already climbed up to fourth place, and this year China took a further step by ranking third, after only the US and Germany."
The president of the Brazil-China Chamber of Commerce and Industry, Charles Tang, said made-in-China machinery equipment is gaining popularity due to their high quality and low prices.
This is highlighted by a recent announcement from Brazilian metal and steel producer Gerdau S.A. that it is ready to import Chinese machinery equipment worth $250 million.
Media reports predict China will overtake Germany to become the second largest machinery supplier to Brazil by the end of this year.