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Chinese Demand Pushes Brazil’s Agricultural Exports to Record

Pubtime:2019-02-19Author:Source: Hits:

Brazil’s Ministry of Agriculture recently released a report saying that due to strong growth in exports to mainland China, Brazil’s agricultural exports reached a record US $ 101.69 billion in 2018, up 5.9% from 2017.

The report shows that mainland China is Brazil’s largest export destination for agricultural products. Brazil exported 35.59 billion USD of agricultural products to mainland China in 2018, an increase of 9 billion USD over 2017. Hong Kong, China is Brazil’s fourth largest export destination for agricultural products, with an export volume of 2.5 billion USD in 2018.

The report pointed out Brazil’s soybean export reached a record 83.6 million tons in 2018, with strong demand from mainland China as the main driving force. Data show that in 2018, China’s consumption of Brazilian soybeans reached 68.8 million tons, an increase of 15 million tons over 2017.

In addition, Brazil’s beef export reached a record high of 1.35 million tons in 2018, up 12.2% from 2017. Among them, 323,300 tons of beef were exported to mainland China, an increase of 111,000 tons over 2017.

The report shows that agricultural exports accounted for 42.4% of Brazil’s total exports in 2018. Imports of agricultural products fell 0.8% to 14 billion USD.