China unexpectedly increases its purchases of Brazilian oil
According to the South China Morning Post , amidst the turmoil in the global energy supply chain due to the conflict in the Gulf region, the Brazilian economy has seized a golden opportunity. According to a report by the Brazil-China Trade Council, bilateral trade reached a record high of $143 billion in the first nine ...
In the wake of global energy supply chain disruptions caused by conflict in the Gulf region, China has unexpectedly boosted its purchases of Brazilian oil, according to the South China Morning Post. Brazilian crude oil exports to China surged to a record high, marking a 49% increase compared to the previous period. This boom was driven by rising shipping volumes and prices, both up by 27% and 17% respectively.
China now accounts for half of Brazil's total crude oil exports, a nearly sevenfold increase from India, the second-largest buyer. Despite global market fluctuations, China's aggressive purchases of Brazilian oil have contributed to a 29% rise in Brazil's global crude oil exports, reaching $43 billion. The surge in the energy market has led to a significant shift in Brazil's export value, with oil now comprising nearly 26% of its total exports to China, up 6.3 percentage points from the previous year.
Notably, Brazil's export growth to China has slowed since July, when a 22% increase was reported. Meanwhile, Brazil's beef exports to China fell by 8.5% to $5.5 billion, with a 22% drop in volume due to reaching the annual quota of 1.1 million tons under protectionist regulations. In contrast, electric vehicle imports from China surged by 89%, reaching $2.87 billion, while battery-powered electric vehicles saw a staggering 341% increase, totaling approximately $2.4 billion.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
