China bought half of Brazil's oil exports as Iran war shut Hormuz, driving sales to record

AI Summary

Brazil-China trade reached a record US$143 billion in the first nine months of the year, with Brazilian exports to China rising 12% to US$84.7 billion. China bought about half of Brazil’s oil exports as the Iran war disrupted Gulf supplies, contributing to a surge in oil sales and a bilateral trade surplus for Brazil.

Trade between Brazil and China reached a record US$143 billion in the first nine months of the year, driven by Brazilian oil sales that surged after the war on Iran disrupted Gulf supply, according to a report by the Brazil-China Business Council. Brazilian exports to China rose 12 per cent to US$84.7 billion between January and September, while imports from China grew 9.9 per cent to US$58.6 billion, the council said in its quarterly analysis of government data. The resulting US$26.1 billion...