BNP Paribas says China is now the biggest market for Brazilian exports to an even greater extent than before.
The bank issued a note saying China bought 30 percent of Brazilian exports last year, having bought 25 percent the year before.
The note says China bought 80 percent of the soybeans, 50 percent of the iron ore, and 35 percent of the mineral fuel and oil exported by Brazil.
Separately, Agência Brasil reports that official data indicate the value of the goods China imported from Brazil was US$66.6 billion last year, almost one-third more than the year before.
The main products Brazil exported to China last year were crude oil, iron ore, iron alloy, soybeans, cotton, cellulose, pork and poultry, the state-run news agency says, citing figures given by the Brazilian Ministry of the Economy.