China bought half of Brazil’s oil exports as Iran war shut Hormuz, driving sales to record

What happened: Brazil-China trade hit a record in the first nine months of the year, driven by Brazilian oil sales that surged after the war on Iran disrupted Gulf supply, per the Brazil-China Business Council. Key numbers: Total trade US$143 billion. Brazilian exports to China up 12 per cent to US$84.7 billion from January to September. Imports from China up 9.9 per cent to US$58.6 billion. Why it matters: China bought half of Brazil's oil exports as the Hormuz disruption cut Gulf supply, driving Brazilian sales to a record, the council's quarterly analysis of government data shows.

Brazil-China trade hit a record in the first nine months of the year, driven by Brazilian oil sales that surged after the war on Iran disrupted Gulf supply, per the Brazil-China Business Council.

China bought half of Brazil's oil exports as the Hormuz disruption cut Gulf supply, driving Brazilian sales to a record, the council's quarterly analysis of government data shows.