China-Brazil Trade Witnesses Remarkable Development With Great Potential

    The growth rate for bilateral trade in 2002 was 20.9 percent, followed by 78.7 percent in 2003, 54 percent in 2004, 20 percent in 2005, 37 percent in 2006, and 46.4 percent in 2007, according to the ministry.

    Bilateral trade volume in the first 10 months of 2008 reached 42.54 billion dollars, a huge 81-percent hike year on year. China's exports to Brazil reached 16.63 billion dollars, an increase of 86.5 percent, while its imports from the South American nation surged by 77.5 percent to hit 25.9 billion dollars.

    The booming development points to great potentials in bilateral trade, Wang Qingyuan, commercial counselor at the Chinese Embassy in Brazil, told Xinhua.

    Chinese products have a significant share in Brazil's light industry market, and are also expected to perform well in such fields as mechanical and electrical manufacturing, ship building, telecommunications and pharmacy, he said.

    The two countries should further explore the trading fields that complement each other, he suggested.

    Wang's remarks were echoed by others familiar with China-Braziltrade.

    Paul Liu, chairman of the Brazil-China Chamber for Economic Development, said three decades of reform and opening-up in China have given rise to a number of industrial giants such as Xuzhou Construction Machinery Group Inc., Changsha Zoomlion Heavy Industry Science & Technology Development Co., Ltd and Sany Heavy Industry.

    These enterprises, with relatively advanced technology, qualified products and competitive prices, are capable of competing internationally, Liu told Xinhua recently, expressing hope that they would perform well in Brazil.

    Many Brazilian enterprises are now required to update their technology and equipment, and Chinese enterprises should seize theopportunity to develop their business there, he urged.

    Regarding bilateral trade in agriculture, Liu noted that the sector witnessed the fastest development in 2008 with China becoming the top importer of Brazilian agricultural products.

    Brazilian agricultural products purchased by China in 2008 accounted for 11 percent of the total exported by Brazil, he said.

    Pointing out that Brazil, with its vast land resources, is one of the world's major exporters of soybean, corn, meat and coffee, while China has the world's largest population, Liu said increased cooperation in agriculture between the two countries will not only boost bilateral trade volume but also enlarge China's food source and variety.

    Hsia Huasheng, an expert at the Getulio Vargas Foundation, a renowned think-tank in Brazil, told Xinhua that Brazilian and Chinese companies should extend their forms of business partnership to promote trade between the two nations.

    Chinese Vice President Xi Jinping's upcoming visit to Brazil will give a fresh impetus to the China-Brazil strategic partnership and thus enhance bilateral trade, added Hsia.

    Emerging economies, including China and Brazil, should unite firmly to tide over the difficulties given the magnitude of the global financial crisis, he suggested.