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Iron ore prices cause Brazilian exports to China drop

Feb, 01, 2023 Posted by Gabriel Malheiros

Week 202305

The notable drop in the value of iron ore shipped from Brazil to China was a key contributing factor to the decrease in Chinese participation in Brazilian exports in 2022. After years above the 30% mark (31.3% in 2021), sales to the Chinese market fell to 26.8% last year. On the other hand, China saw the volume of products shipped to Brazil increase from 21.7% to 27.5% between 2021 and 2022.

Last year, Brazil’s total export monetary worth to China reached US$ 89.719 billion (an increase of 2.1% over the previous year), while Chinese sales totaled US$ 60.745 billion (an increase of 27.5% from a year earlier).

Brazilian Iron ore exports to China | Jan 209 to Dec 2022 | WTMT

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Soybeans remain the flagship of Brazilian exports to China, with shipments totaling USD 31.8 billion, 17.1% higher (equivalent to USD 4.6 billion) than the total exported in 2021. As a result, the participation share of the oilseed in Brazil’s total sales to China stood at 36%.

The drop in international prices caused the revenue obtained from iron ore exports to the Chinese to experience a sharp decline of 37% (US$ 10.7 billion, in monetary terms, but the commodity continued to occupy second place in the ranking of most shipped products to China, with a 20% share.

Crude oil was Brazil’s third most sold item to China, accounting for 19% of total exports to the Asian country, with a 17.9% increase and total sales of US$ 16.8 billion.

Last but not least, beef and pulp exports complete the list of the top five products shipped to the Chinese market by Brazilian companies in 2022. Beef generated $8 billion in revenue, thanks to a substantial 104% increase and an 8.9% share of total shipments. Pulp was another critical product in exports to China, with total revenues of US$ 3.3 billion.

On the Chinese side, the exporting agenda continued to consist exclusively of industrialized products, with higher added value, also marked by the substantial dispersion of items shipped in Brazil among manufactured goods.

Thermionic valves and tubes were the main item shipped to Brazil, worth US$ 5 billion, a substantial increase of 106% over the volume exported in 2021. These items accounted for 8.2% of total sales to Brazil. The Top 5 list was also made up of telecommunications equipment (totaling US$ 4.1 billion, with a drop of 15.1% and a share of 6.8%); insecticide, rodenticides, etc. (with revenue of US$ 3 billion and a share of 4.9%); other manufacturing industry products (US$ 2.9 billion, an increase of 11% and participation of 4.8%); and manure or fertilizers (shipments worth US$ 2.4 billion).

Source: Comex do Brasil

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