Brazil has announced that it will settle trade directly with China in their respective local currencies, which could further expand the scale of Chinese pesticide shipments to Brazil.

Release Date:

2023-03-31

According to multiple media reports on the 30th, the Brazilian government stated Wednesday that Brazil has reached an agreement with China to abandon the U.S. dollar as an intermediary currency and instead conduct trade in their respective national currencies. The report noted that this arrangement enables China—long a staunch rival to U.S. economic hegemony—and Brazil, Latin America’s largest economy, to engage directly in large-scale trade and financial transactions, exchanging renminbi for reais and vice versa, rather than routing through the U.S. dollar. In a statement, Brazil’s Trade and Investment Promotion Agency (ApexBrasil) said, “This is expected to reduce costs, boost bilateral trade, and facilitate investment.”

Brazilian President Lula had originally planned to depart for China on March 25, with a business delegation of a record 240 members. However, he recently postponed his trip due to bronchopneumonia caused by influenza A, while the Brazilian business delegation could not wait. Hundreds of representatives from Brazilian agricultural firms have “flooded into Beijing,” seeking to expand export cooperation with China and attract investment. Brazil is eager to forge diversified trade ties with China.

On March 29, Jorge Viana, President of Brazil’s Trade and Investment Promotion Agency, stated at a business seminar in Beijing that China is Brazil’s largest trading partner. According to Chinese customs data, bilateral trade between China and Brazil totaled US$171.49 billion in 2022, up 4.9% year on year.

At the conference, Brazil’s Minister of Agriculture, Livestock and Supply, Carlos Fávaro, stated that he hopes this visit to China will strengthen ties with the Chinese people and restore the fraternal friendship between China and Brazil. Brazil has continuously deepened cooperation with Chinese enterprises, expanded agricultural production, and generated tangible benefits for Chinese companies, thus achieving mutually beneficial outcomes. Brazil welcomes more businesses to join in China–Brazil cooperation, leveraging technological and investment partnerships to explore pathways toward sustainable development and jointly deliver prosperity to the peoples of both countries.

Brazil is known as the “world’s granary” and boasts the largest pesticide market globally. In 2013, its pesticide imports reached 280,000 tons, ranking first worldwide; since then, import volumes have continued to surge, surpassing 520,000 tons in 2019—more than double that of any other country. Brazil is China’s top destination for pesticide exports. In 2020, China shipped 193,400 tons of pesticides to Brazil, worth RMB 9.201 billion, accounting for 17.15% and 13.49% of China’s total pesticide export volume, respectively. It is no exaggeration to say that without the cooperation of Chinese pesticide manufacturers, Brazilian agriculture would not have achieved its current level of development. Conversely, without Brazil’s vast agricultural market, China’s pesticide industry would not have experienced such rapid growth.

The local-currency settlement agreement recently reached between Brazil and China is expected to further boost Sino-Brazilian agrochemical trade and expand the scale of Chinese pesticide exports to Brazil.

Source: AgroPages (World Agrochemical Network)

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