Brazil’s Vale, an ore mining company with expansive business interests in China, will collaborate with China’s Ningbo Zhoushan Port operators on a $624-million project to expand export capacity into the communist country, the South China Morning Post confirmed on Tuesday.
Both Vale and Petrobras, Brazil’s state-run oil company, have expressed interest in the past year in expanding trade in China. Brazil’s farmers have also grown increasingly dependent on Chinese sales, filling the soy bean void temporarily left by President Donald Trump’s trade negotiations with the Communist Party. According to the Brazilian newspaper O Globo, Brazil exported 14 percent more to China between January and August 2020 than during the same period of 2019, despite significant economic limitations for most of the year due to the Chinese coronavirus pandemic. Brazil simultaneously reduced its sales of key exports to the United States, making its market more dependent on China.
China is Brazil’s largest