The Brazilian Central Bank issued a report on the 4th that boosted by the good export performance of primary products to China, Brazil’s foreign trade surplus in 2020 will increase by US$2.9 billion over 2019.

The report said that due to the global economic slowdown caused by the new crown epidemic, Brazil’s exports of manufactured goods fell last year. However, thanks to the good performance of exports of primary products such as soybeans and iron ore to China, Brazil's exports last year showed strong resilience.

The report shows that last year's iron ore exports to China accounted for the proportion of Brazil's total iron ore exports from 59.6% in 2019 to 71.8%.

The report also said that the proportion of exports to China in Brazil's foreign exports has increased, "this shows that the influence of Chinese economic activities on the foreign trade of all parts of Brazil has generally increased."

Data from the Brazilian Central Bank also showed that from 2010 to 2020, Brazil's total exports grew at an average annual rate of 2.9%. During this period, China's position as Brazil's main export destination has been increasingly consolidated.

(Source: Xinhuanet)