Chinese demand lifts Brazil’s agricultural exports in 2018: report

Source:Global Times Published: 2019/1/20 19:18:40

Soybeans imported from Brazil unloaded at a port in Nantong, East China's Jiangsu Province in August 2018. Photo: VCG

Demand from the Chinese mainland drove Brazilian agricultural exports to the world to a record of $101.69 billion in 2018, the Xinhua News Agency reported over the weekend.

Industry analysts said that Brazil has been a beneficiary of ongoing trade tensions between China and the US, which have forced China to find replacement markets across the globe.

The Chinese mainland was the largest destination for Brazil's agricultural exports. Brazil exported agricultural products worth $35.59 billion in 2018, up $9 billion from 2017, the report said, citing Brazilian agriculture department figures. 

Hong Kong was the fourth-largest agricultural export destination for Brazil, which shipped $2.5 billion worth of goods there in 2018.

The report said that Brazil's soybean exports hit a record of 83.6 million tons in 2018, and strong demand from the mainland was the major reason. Brazil exported 68.8 million tons of soybeans to the mainland last year, an increase of 15 million tons from 2017. 

The US was formerly the major soybean exporter to China, but after it instigated trade disputes, China needed to find replacements from across the globe, Jiang Shixue, director of the Center for Latin American Studies at Shanghai University, told the Global Times on Sunday.

Ma Wenfeng, a senior analyst at Beijing Orient Agribusiness Consultancy, said that "not only agricultural products but other sectors - including minerals from countries such as Argentina and Russia - are likely to see more growth in China."

Ma told the Global Times on Sunday that the trade friction between China and the US will harm world economic growth. Both countries are expected to address trade problems through talks in the near future. 

Brazil's exports of agricultural products accounted for 42.4 percent of the country's total exports in 2018.

Brazil's beef exports reached a new high in 2018, rising 12.2 percent year-on-year to 1.35 million tons, the report said. Exports to the Chinese mainland stood at 322,300 tons, up 111,000 tons from 2017.

Newspaper headline: Chinese demand lifts Brazil’s farm exports

Posted in: ECONOMY

blog comments powered by Disqus