In 2023, Brazilian exports to China reached $104 billion, marking the highest value ever sold by Brazil to a single country and the fourth consecutive record in the Sino-Brazilian trade relationship. Last year, the volume of exports of some products destined for the Asian country also hit records, such as iron ore, soybeans, and corn. For 2024, trade prospects are promising and could generate even higher export volumes to the Asian country. China is a key country for Brazil’s mining sector. “Out of the 380 million tons of iron ore exported by Brazil in 2023, 242 million tons were destined for China, and of that total, 76% was sold by Vale,” pointed out Gustavo Biscassi, Head of External Relations at Vale. He believes the iron ore market will perform well in 2024.
Sources: Comex do Brasil/Datamar News