Economy

Markets

Industries

Insights

Reports

Events

China surpasses US to become Brazil's biggest trading partner

(Xinhua)
Updated: 2009-05-05 15:22

China replaced the United States to become Brazil's biggest trading partner, said Brazil's Ministry of Development, Industry and Exterior Trade on Monday.

Related readings:  China, Brazil vow to better strategic partnership  Brazil's agricultural exports to China up 52.5% in March  China, Brazil sign oil deal  Brazil sells oil to China, expects $10b loan

According to the trade balance released by the ministry, the sum of Brazil's exports and imports with China reached $3.2 billion in April, over the $2.8 billion in its trade with the US.

Trade Minister Welber Barral said the change was "historic," as the US has been Brazil's biggest trading partner since the 1930s.

According to Brazil's official statistics, the bilateral trade volume between Brazil and China reached $36.44 billion in 2008, increasing 55.9 percent from 2007, among which Brazil's export volume to China hit $16.4 billion, import volume $20 billion, rising 50.8 percent and 56.9 percent from the previous year respectively.

However, Barral said that the Brazilian government is trying to diversify the exports to China, which till now are mainly soya, cellulose, fuel, and manufactured products.