Brazil has a high concentration of exports to China in terms of the value of its three main export products.
In contrast, its foreign sales to the United States are comparatively diversified.
Concentration of exports
Brazilian merchandise exports to the world totaled US$337.046 billion in 2024, of which 28% were shipped to China and 12.1% to the United States.
Other relevant destinations were Argentina, the Netherlands, Spain, Singapore, and Mexico.
Of all exports to China, the three main products totaled US$71.333 billion, or 75.6% of total Brazilian foreign sales to that destination. Here is the breakdown:
- Soybeans: US$31.490 billion.
- Oil: US$19.964 billion.
- Iron ore and concentrates: US$19.879 billion.
The sum of the three main products exported to the United States was US$11.016 billion, representing 27.1% of exports to that market. Here they are shown separately:
- Oil: 5.831 billion.
- Semi-finished iron or alloy steel products: 2.803 billion.
- Motorized aircraft: 2.382 billion.
Trade surplus
A recent report by the Central Bank of Brazil highlights the growth in Brazil’s bilateral trade with the United States and China, with these countries accounting for almost 40% of its exports and imports.
In 2024, Brazil achieved a trade surplus with China equivalent to 1.4% of GDP. That market accounted for 41% of its total surplus. In contrast, trade with the United States remained in balance.
Taking a broader view, foreign sales to the United States showed a more diversified composition. Oil, semi-finished iron and steel, cast iron, coffee, and aircraft accounted for nearly 40% of the total.
The picture was different for China. Exports were concentrated in a few products: soybeans, oil, iron ore, meat, and cellulose. Together, they accounted for 90% of shipments.
On the import side, Brazil intensified its purchases from China. In 2024, the volume was 98% higher than in 2019. The momentum began in 2021 and accelerated in 2025 with the acquisition of oil platforms for $2.7 billion.
In contrast, purchases from the United States decreased by 23% since 2019. At the same time, China displaced the United States as the main supplier of medium- and high-tech goods, a position it has held since 2019.