Brazil becomes Beijing's No.4 trading partner amid robust trade
Published: Apr 25, 2023 09:48 PM
A view of the Port of Rio de Janeiro in Brazil Photo: VCG

A view of the Port of Rio de Janeiro in Brazil Photo: VCG

Beijing, China's capital and main economic powerhouse, recorded an 11.6-percent growth in imports and exports during the first quarter of 2023, driven by robust trade with emerging market economies such as Brazil, which climbed to become the city's No. 4 trading partner, according to official data on Tuesday. 

In the first quarter, Beijing's imports and exports reached a total of 899.24 billion yuan, an 11.6 percent increase year-on-year, and 6.8 percentage points higher than China's overall trade growth rate during the same period, said Zhang Geping, head of Beijing Customs, at a press briefing. 

With a contribution rate of 20.8 percent, Beijing was the most significant contributor to China's better-than-expected trade performance in the first quarter of 2023, Zhang said, adding that Beijing was also the biggest contributor to China's foreign trade in 2022. 

In the first quarter of 2023, China's total goods imports and exports expanded 4.8 percent year-on-year, exceeding expectations despite a global economic downturn.

The EU, the US, and ASEAN remained the top three trading partners for the Chinese capital in the first quarter, with a combined imports and exports value of 244.03 billion yuan. However, Zhang highlighted the city's blossoming trade with emerging market economies.

For example, in the first quarter, Brazil became Beijing's fourth-biggest trading partner, as imports and exports between China and Brazil surged by 113.6 percent to 54.79 billion yuan. 

This trend is likely to continue, as China and Brazil have inked a slew of deals during Brazilian President Luiz Inácio Lula da Silva's visit to China earlier this month to further boost bilateral economic and trade cooperation.