China, Brazil trade grows 9.9 pct in first 10 months of 2024

An aerial drone photo taken on March 12, 2024 shows the BYD battery factory in Manaus, capital of Amazonas state, Brazil. [Xinhua/Wang Tiancong]

BEIJING -- China's trade with Brazil soared 9.9 percent in the first 10 months of 2024 from the same period last year, underpinning the deepening economic and trade ties between the two countries.

The growth rate was 4.7 percentage points higher than the overall growth rate of China's foreign trade, as shown by the General Administration of Customs data released on Sunday.

China's trade with Brazil hit 1.14 trillion yuan (158.33 billion U.S. dollars) from January to October, including 432.08 billion yuan in exports and 708.15 billion yuan in imports, both registering steady growth.

This year marks the 50th anniversary of China-Brazil diplomatic ties. Over the past half-century, the two nations have made fruitful achievements in economic and trade cooperation and significant progress in bilateral economic and trade ties.

China has been Brazil's largest trading partner and export destination for the past 15 consecutive years, while Brazil has long been China's top trading partner in Latin America.

With the deepening economic and trade cooperation, more quality products from Brazil are entering the Chinese market. In the first 10 months, China's share in Brazil's exports of soybeans and iron ore exceeded 70 percent, while in pulp and crude oil, the share surpassed 40 percent.

More quality industrial products from China are entering Brazil. China exported intermediate goods worth 216.86 billion yuan to Brazil in the first 10 months, up 11.8 percent year on year, accounting for half of China's total export value to Brazil.