Brazilian exports to China slowed down significantly in the first three months of the year, totaling US$ 7.9 billion, an increase of 10.5% over the same period last year, the lowest growth rate in recent years.
The 10% increase was actually “saved” by the export of soybeans, which grew 127%, driven by the anticipation of the grain purchases. Without soy, sales from Brazil to China would have been negative 6% in the period. According to the Ministry of Development, Industry and Foreign Trade (MDIC), iron ore and oil, which together accounted for more than half of what was sold to the Chinese last year, saw their sales falling significantly and pulled down the export numbers. Last year, soy, iron ore and oil accounted for 80% of Brazilian exports to China, therefore they are essential to indicate the trade trends between the two countries.