The Brazilian President, Luiz Inácio Lula da Silva, is currently visiting China with the aim of deepening economic ties between the two countries and exploring new opportunities. Brazil and China are major trade partners, with Brazil being the second-largest cotton supplier to China after US.
In 2022, China imported cotton worth $5.233 bn, and Brazil’s contribution was valued at $1.534 bn, representing 29.33 percent of the total cotton import for that year. Conversely, China is a significant source of apparel imports for Brazil.
Brazil was the largest supplier of cotton for China after the US, which supplied 58.30 percent of its total cotton imports, as per market report.
China’s cotton imports from Brazil have shown a consistent increase over the past six years. In 2017, the value of imports was only $121.515 mn. However, it rose significantly by 199.23 percent to $363.616mn in 2018, followed by another increase of 156.07 percent to $931.126 mn in 2019. In 2020 and 2021, the imports further rose to $1,040.909 mn and $1,211.373 mn, respectively.
On the other hand, China supplied 51.65 percent of the apparel imported by Brazil, which was valued at $1.615 bn in 2022. In the same period, Brazil imported apparel worth $834.268 mn from China.
However, Brazil’s apparel import from China has been decreasing in recent years. It was $1,034.531 mn in 2018 but decreased by 11.46 percent to $916.012 mn in 2019, followed by a further decline of 34.06 percent to $604.054 mn in 2020, and a 9.28 percent drop to $547.989 mn in 2021, as per market report.
Brazilian President has said that he will invite Chinese President Xi Jinping to show him projects for which the South American country wants to attract Chinese investment, according to a report.
