China, the largest buyer of Brazilian iron ore and soybeans, has also become the South American country’s largest sugar export market this year.
During the first 10 months of the year, China’s imports of Brazilian sugar reached 1.8 million metric tons, accounting for 12% of Brazil’s total sugar exports, Brazilian official data showed.
The South American country earned $900 million from the sugar trade with China.
Traditional markets for Brazilian sugar include Russia, Egypt and Morocco. In 2011, Russia, the largest buyer, imported 3.2 million tons of sugar from Brazil. However, its imports of Brazilian sugar declined as a result of increased domestic supply. During the 10-month period, Russia bought only 1.2 million tons of sugar from Brazil.
During the same period, Brazil’s total exports to China reached $35.2 billion, including $13 billion worth of soybeans and soy oil and iron ore totaling $11.9 billion.
Source: China Daily Nov 2012