Last year, oil overtook soy as Brazil\u2019s main export for the first time since 2012. According to trade data published by the government, foreign oil sales totalled almost USD 45 billion in 2024, passing soy\u2019s USD 43 billion. The value of Brazil\u2019s crude oil exports has more than doubled in the past five years, and has close to quadrupled in the past decade.<\/p>\n\n\n\n
China is driving this demand. According to Brazilian government data, China received 44% of Brazil\u2019s crude oil exports in 2024, followed by the US (13%) and Spain (11%). In the past decade, the value exported to the Chinese market has also grown by almost five times.<\/p>\n\n\n\n
In tonnes, China\u2019s relevance remains significant, though less pronounced. In 2024, it purchased 44% of the oil exported by Brazil. But although China tripled its demand for Brazilian oil over the past decade, its consumption is similar to that of five years ago.<\/p>\n\n\n\n
According to experts, this trend could become more pronounced in the short term, due to US President Donald Trump\u2019s initiation of a trade war<\/a> with China. The Asian country retaliated in February by imposing a 10% tariff on oil from the US \u2013 the source of 2% of its oil imports in 2024 \u2013 and may likely increasingly turn to providers such as Brazil.<\/p>\n\n\n\n