China’s loss of Persian Gulf oil due to the Strait of Hormuz crisis turned out to be Brazil’s gain, as the trade volume between Brazil and China hit a record $142 billion by September 2026, fueled by soaring exports of Brazilian oil.
\n\nAccording to data from the Brazil-China Business Council, Brazil is running a $26.1 billion trade surplus with China, supported by a record $21.8 billion in oil sales, a 49-percent increase over the previous year.
\n\nBrazil’s largest export to China remains soybeans, but oil is catching up. Soybeans currently comprise 35.4 percent of Brazil’s exports to China, while oil has grown to 25.8 percent. Brazilian beef, on the other hand, slid by 8.5 percent due to Chinese caps and punitive tariffs on beef imports, designed to protect China’s domestic suppliers.
\n\nBrazil’s President Luiz Inácio Lula da Silva speaks during the 81st session of the United Nations General Assembly at United Nations headquarters, Tuesday, September 22, 2026. (AP Photo/Yuki Iwamura)
\n\nChina is now buying half of Brazil’s oil exports, far ahead of second-biggest customer India. China is buying over a million barrels of Brazilian crude a day, sometimes surging to over 1.6 million, while India takes about 238,000 barrels per…
Original source: https://www.breitbart.com/latin-america/
