According to a report by the Brazil–China Business Council, trade between the two countries in the first nine months of 2026 reached a record of $143 billion.

According to a report by the Brazil–China Business Council, trade between the two countries in the first nine months of 2026 reached a record of $143 billion. An increase in Brazil’s oil exports due to disruption in oil supply to the Persian Gulf caused by the Iran war was the main factor behind this growth.

The value of Brazil’s oil exports to China rose 49% to $21.8 billion. China bought half of all crude oil exported by Brazil; a share nearly seven times that of India, the second-largest buyer of this country’s oil.

The council said that tensions in the Middle East and the risk of disruption in oil shipments from the Strait of Hormuz have increased demand for more stable suppliers, benefiting Brazil.

Based on data from Kpler and Vortexa, oil exports from the Persian Gulf countries, except Iran, returned in September to more than 81% of their pre-war level, but Iran’s attacks on oil tankers intensified in October.