Trade between Brazil and China amounted to $23.367 billion in 2007, up 42.55 percent over 2006, according to the Brazilian Ministry of Development, Industry and Foreign Trade.

China has replaced Argentina to become the second-largest exporter to Brazil after the United States, with Chinese exports to Brazil amounting to $12.618 billion, up 57.9 percent compared to 2006.

China still ranks third after the US and Argentina as a Brazilian export market as China's imports from Brazil reached $10.749 billion, up 27.9 percent.

In 2007, Brazilian foreign trade amounted to $281.26 billion, including exports of $160.65 billion, up 16.6 percent, and imports of $120.61 billion, up 32 percent. The trade surplus was $40 billion, down 13.8 percent.

Industry analysts say the Brazilian real has appreciated 17 percent against the US dollar, leading to the great increase of imports.