Robust trade between China, Brazil promotes mutually beneficial ties

Visitors appreciate Chinese handicrafts at an exhibition celebrating the 50th anniversary of the establishment of diplomatic relations between China and Brazil in Brasilia, capital of Brazil, Aug. 15, 2024. (Photo: Xinhua)

Robust trade between China and Brazil continues to promote mutually beneficial bilateral trade and economic ties, while a number of sectors have profound growth potential, industry insiders from the two countries said.

The comments were made ahead of the 19th G20 Summit in Rio de Janeiro, as the event draws global attention to the host country, Brazil.

Brazil views China-Brazil tourism as a key driver of mutual growth, believing it will further strengthen friendly relations between the two countries, Marcelo Freixo, president of Embratur, told the Global Times. Embratur, known as the Brazilian Tourist Board, is a Brazilian travel promotion and marketing agency.

It is also expected that the development of the tourism industry will bring long-term economic and cultural benefits to both China and Brazil, Freixo said, noting that Brazil has been ramping up efforts to showcase the country's rich and diverse travel offerings, including cultural experiences, nature-based activities such as wildlife observation and luxury experiences.

China's trade with Brazil increased by nearly 10 percent in the first 10 months of 2024, highlighting the deep economic and trade ties the two nations have built over the past 50 years., Chinese state broadcaster CCTV said on Sunday.

According to Chinese customs, trade with the South American country grew by 9.9 percent year-on-year to reach 1.14 trillion yuan ($157.62 billion), maintaining steady growth and outpacing China's overall trade growth rate by 4.7 percentage points.

In the January-October period this year, China's intermediate goods exports to Brazil grew by 11.8 percent year-on-year to reach 216.86 billion yuan, which accounted for 50.2 percent of all Chinese exports to Brazil.

Textiles, auto parts, electrical equipment, and display modules all recorded significant growth, customs data showed.

Risen Energy, a leading Chinese photovoltaic (PV) manufacturer based in Ningbo, East China's Zhejiang Province, said 96 percent of its solar PV modules exported to Latin America are headed to Brazil.

Liu Chang, a manager with the company, told the Global Times on Sunday that the company plans to deepen its partnership in Latin American countries by providing quality products and helping local clients to build power plants that are more cost effective and assist local energy transitions.

In the first 10 months, Ningbo's trade, exports and imports with Brazil all registered double-digit growth, data from the Ningbo customs showed. The value of iron ore imports soared by 190.4 percent year-on-year.

The facilitation of cross-border e-commerce has also brought in trendy Brazilian goods such as gems, cosmetics and aromatherapy essential oils to Chinese consumers, according to Ningbo customs.

This year marks the 50th anniversary of the establishment of diplomatic ties between China and Brazil.

Analysts noted that the partnership between the two countries has not only achieved remarkable leaps in economic cooperation but has also provided substantial support for the modernization efforts of both countries.

Zhou Zhiwei, an expert on Latin American studies at the Chinese Academy of Social Sciences, told the Global Times on Sunday that the rapid bilateral trade growth underlined the humming and highly efficient operation of trade flows between the two immensely complimentary economies, resulting in strong vitality in trade.

"The highly efficient relationship has also received boosts and better safeguards from improved financial services in recent years, such as trade settlement in local currencies, which greatly reduced risks from foreign exchange," Zhou said, noting that the expansion of trade items, such as those in agriculture, will add growth momentum to the already sizable bilateral trade.