In the first 10 months of this year, the trade volume between China and Brazil went up 9.9 percent year on year to 1.14 trillion yuan (about 158 billion U.S. dollars), maintaining a steady growth momentum, official data showed Sunday.
During the period, China's exports to Brazil stood at 432.08 billion yuan (about 60 billion U.S. dollars), and China's imports from Brazil came in at 708.15 billion yuan (about 98 billion U.S. dollars), said the General Administration of Customs.
China and Brazil established diplomatic relations in 1974. Over the past five decades, China-Brazil economic and trade cooperation has achieved fruitful results.
Since 2009, China has been Brazil's largest trading partner and a major source of investment, while Brazil has become China's largest trading partner in Latin America.
As China-Brazil economic and trade cooperation continue to deepen, more and more Brazilian competitive products have entered the Chinese market.
In the January-October period, more than 70 percent of Brazil's soybean and iron ore exports, and over 40 percent of its pulp and crude oil exports went to China.
Meanwhile, more quality Chinese industrial products were shipped to Brazil, helping the Latin American country accelerate its "re-industrialization" pace.
In the first 10 months of 2024, China's exports of intermediate goods to Brazil amounted to 216.86 billion yuan (about 30 billion U.S. dollars), a year-on-year increase of 11.8 percent, taking up 50.2 percent of its total exports to Brazil. Among them, the exports of textiles, auto parts, electric appliances, and flat-panel display modules grew 15.4 percent, 26.5 percent, 31.2 percent, and 22.2 percent, respectively.
China-Brazil trade up 9.9 pct in first 10 months
Scholars around the world speak highly of Chinese President Xi Jinping's speech at the 31st APEC Economic Leaders' Meeting, where he stressed the need for global cooperation and integration amid growing uncertainty and protectionism.
Xi delivered the important speech at the APEC meeting in Lima, capital of Peru, on Saturday, under the title "Shouldering Responsibility to Our Times And Jointly Promoting Asia-Pacific Development."
The message delivered by Xi focuses on the global trade challenges today, advocating for a more open economy and the removal of unreasonable trade barriers, said Robert Hanlon, principal investigator of the Canada and Asia Pacific Policy Project at Thompson Rivers University.
"I think the world is continuously seeing new uncertainty, and there is quite a bit of protectionist challenges out there. And so I think President Xi's speech spoke quite correctly to work, to try to break down those barriers, creating more open economies and advocating free trade in the Asia-Pacific region. These are very important development strategies for not only the countries of the Asia-Pacific region but also the Global South in general. There are six billion people that live in the Global South. Thus, to improve development and to create more capacity and opportunity really requires opening-up and cooperation. So I think the message of cooperation is something that's very strong," he said.
Sizo Nkala, research fellow at the Center for Africa-China Studies at the University of Johannesburg, highlighted China's crucial role in driving economic growth both in the Asia-Pacific region and globally, with its substantial investments in overseas green energy and infrastructure projects.
"I think his message is a message of cooperation, is a message of integration within the APEC region, which is important for not only the region itself but also for the global economy, because the APEC region is one of the biggest contributors to the global economy, with a share of 62 percent of the global GDP, so we cannot overemphasize its importance to the global economy. China is one of the biggest investors in the Asia-Pacific region. Through the Belt and Road Initiative, it has invested in mega infrastructure projects across the Asia-Pacific region, in transport, in imports, in railway networks, and in also digital technology, as well as, importantly, the green energy projects, your solar and wind energy projects, which are important for the global transition to a greener economy," said Nkala.
In the speech, Xi noted that Asia-Pacific cooperation is confronted with challenges such as rising tendencies of geopolitics, unilateralism and protectionism. He said that at this historic crossroads, Asia-Pacific countries carry greater responsibilities on their shoulders.
"The spirit of President Xi Jinping's speech at the summit in Lima is rooted in his concern about the growing trend of a closed world economy. He has hinted that, in a world where economic globalization still prevails, it is necessary to contribute to greater economic openness and put an end to protectionism," said Jorge Malena, director of Asian Affairs Committee, Argentine Council for International Relations.
International scholars commend Xi's APEC speech on global cooperation, integration
