China Is Responsible for Buying Over 64% of Brazil’s Iron Ore, and the Country Earned $37.092 Billion Just in 2021

Iron Ore Sales to China Make Mineral Lead Brazil’s Export Ranking, Leaving Behind Crude Oil Exports

Although the news often gives more prominence to agricultural commodities when it comes to exports, iron ore remains firmly in the lead among the most exported products by Brazil, considering the transacted value. From January to November 2021, US$ 37.092 billion worth of the mineral was exported. The data comes from a study by Logcomex, a startup that provides big data and automation solutions for foreign trade.

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Asia accounted for more than 70% of the value of iron ore sales from Brazil. Approximately 64.5% of the exports were destined for China, 7% to Malaysia, 4% to Bahrain, and 3% each to Oman and the Netherlands.

The currency variation favored this growth and also provided more geological knowledge and enhanced the country’s potential in international representation.

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In second place is soybeans, with US$ 36.313 billion in exports, and in third place, crude oil, with US$ 23.822 billion.

“Soybeans are typically the most exported product by volume, along with oil and beef. However, iron ore has a higher value and, therefore, it often comes out ahead when we talk about the amount of money,” explains Helmuth Hofstatter, CEO of Logcomex.

China, the World’s Largest Oil Importer, ‘Skirts’ US Sanctions and Buys Over 324 Million Barrels from Venezuela and Iran at Low Prices

China, the Asian giant, doubled its imports of Iranian and Venezuelan oil in 2021. The Chinese country took full advantage of US-sanctioned regimes for three years, while the country’s refineries avoided the risk of penalties to obtain cheap oil.

According to data from market intelligence firm Kpler, China’s oil processors, the world’s largest importer, bought 324 million barrels from Iran and Venezuela in 2021, representing about 53% more than the previous year. This is the highest since 2018 when China took 352 million barrels from the two nations.

China Takes Risks and Buys Oil from Iran and Venezuela

Chinese private refineries have benefited from the US hardline stance toward Iran and Venezuela, continuing to buy oil from these countries long after other places in Asia stopped purchases.

The risk that non-American entities may lose access to the US financial system, or have their American assets frozen if found guilty of violating sanctions, did not deter them.

An excess of unsold cargo, rising international prices making sanctioned oil relatively cheaper, and the issuance of more oil import quotas in China have encouraged private refineries, known as “teapots,” to buy more oil from pariah states. These shipments usually do not appear in official customs data. Read the full article here.