BRAZIL ACHIEVES RECORD-BREAKING EXPORTS OVER $100 BILLION TO CHINA

In a historic achievement, Brazil set a record by exporting over $100 billion to China for the first time, marking its highest-ever value exported to a single trading partner. Secretary of Foreign Trade Tatiana Prazeres revealed this milestone on January 5, with total sales to China in 2023 reaching $105.7 billion, a 16.5% increase from 2022. Notably, iron ore exports contributed significantly, defying a weaker Chinese economy. Despite a 4.1% price decline, the volume sold increased by 10%, leading to a 5.5% growth in total iron ore and concentrates exports. Brazil’s trade balance recorded a surplus of $9.36 billion in December, culminating in a record total surplus of $98.838 billion in 2023, up 60.6% from 2022. The Ministry of Development, Industry, Trade, and Services anticipates another record in 2024, projecting $348.2 billion in exports.
Source: O Estado de S. Paulo / Datamar News