China Surpasses US as Brazilian Products' Biggest Buyer-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Zinc
  • Futures movement
  • Copper
  • MMi Iron Ore Port Index
  • Aluminium
  • Nickel
  • Market commentary
  • Macroeconomics
  • Copper scrap
  • Tin
  • Stainless steel
  • Evening comments
  • inventory
  • निकल

China Surpasses US as Brazilian Products' Biggest Buyer

Data Analysis 09:12:34AM Jan 06, 2010 Source:SMM

BEIJING, Jan. 6 -- China overtook the United States as the biggest buyer of Brazilian products in 2009, the Brazilian industry and trade ministry said on Monday.

China imported products valued at $19.9 billion from Brazil, while the US bought $15.7 billion worth of goods, Foreign Trade Secretary Welber Barral said when presenting the annual commercial report.

The US was the largest buyer of Brazilian products in 2008, purchasing $27.6 billion, while China's imports from the country were $16.4 billion.

China is increasing imports as the Asian country has been less affected than the US by the international financial crisis, according to Barral.

However, he predicted the US imports would pick up soon. "In 2010, the United States could again become the main destination of Brazilian products," though they were unlikely to reach the 2008 level, Barral said.

According to the estimation of the International Monetary Fund, the US economy would likely grow by 1.5 percent in 2010.

Efforts will be made to boost the US market to make up for the "sharp drop" in 2009, Barral said.
 

China Surpasses US as Brazilian Products' Biggest Buyer

Data Analysis 09:12:34AM Jan 06, 2010 Source:SMM

BEIJING, Jan. 6 -- China overtook the United States as the biggest buyer of Brazilian products in 2009, the Brazilian industry and trade ministry said on Monday.

China imported products valued at $19.9 billion from Brazil, while the US bought $15.7 billion worth of goods, Foreign Trade Secretary Welber Barral said when presenting the annual commercial report.

The US was the largest buyer of Brazilian products in 2008, purchasing $27.6 billion, while China's imports from the country were $16.4 billion.

China is increasing imports as the Asian country has been less affected than the US by the international financial crisis, according to Barral.

However, he predicted the US imports would pick up soon. "In 2010, the United States could again become the main destination of Brazilian products," though they were unlikely to reach the 2008 level, Barral said.

According to the estimation of the International Monetary Fund, the US economy would likely grow by 1.5 percent in 2010.

Efforts will be made to boost the US market to make up for the "sharp drop" in 2009, Barral said.