Brazil-China Trade Hits Record US$143 Billion as Oil Exports Surge During Iran War

According to a report from the Brazil-China Business Council, Brazil and China achieved a historic bilateral trade figure of US$143 billion during the first nine months of this year. This increase was largely fueled by a significant rise in Brazilian crude oil exports, which surged following disruptions in Gulf supply routes due to the conflict in Iran. Crude oil sales to China soared by 49 percent, reaching a record US$21.8 billion. Volume shipments rose by 27 percent, and prices increased by 16.8 percent. China accounted for half of Brazil's crude exports, nearly seven times more than India, the second-largest purchaser. Crude oil constitutes 25 percent of Brazil's exports to China, although growth has decelerated since Gulf tankers resumed operations.