China Buys Half of Brazil’s Oil Exports as Hormuz Closure From Iran War Disrupts Gulf Supply
Brazil-China trade reached a record $143 billion in the first nine months of 2026. Brazilian oil sales to China rose 49% amid the closure of the Strait of Hormuz.
Gurban Gurbanzadeh1 min read
Trade between Brazil and China in the first nine months of 2026 reached a record $143 billion, according to a report by the Brazil-China Business Council. The growth was driven by record sales of Brazilian crude: after the war with Iran and the closure of the Strait of Hormuz, supplies from the Gulf were disrupted.
Brazilian exports to China from January to September rose 12% to $84.7 billion, while imports from China increased 9.9% to $58.6 billion. The $26.1 billion surplus equals 42% of Brazil's entire trade surplus with the world.
Oil Set a Record
Crude oil made the main contribution. Sales to China rose 49% to a record $21.8 billion. The volume of shipments increased 27%, while prices rose 16.8%.
China took half of all the oil Brazil exported. That is almost seven times the share of India, the next-largest buyer.
Oil accounts for a quarter of Brazilian shipments to Chinese buyers, but growth slowed after tankers from the Gulf resumed transit.
The data come from a quarterly analysis of state statistics prepared by the council.
Source: scmp.com
