In the first four months of 2009, China, overtook USA, as the biggest trading partner of Brazil. The bilateral trade will increse more with the following two agreements signed during the visit of President Lula to China last week:
Beijing announced a 10 billion dollar loan to Petrobras in exchange for supply of 200,000 barrels of crude oil over the next ten years.
The Chinese agreed to lift restrictions on import of Brazilian chicken and agreed to import more meat from Brazil.
Incidentally, Brazil is the largest exporter of chicken in the world. Their exprts in 2007 were 3.2 million tons
Agreements were also signed for supply of bio fuel to China, joint launch of two satellites etc.