Brazil has announced the elimination of import tariffs on six items

On March 10 local time, Brazilian Vice President Alckmin announced via social media that Brazil will remove tariffs on six kinds of imports starting from March 10. The six items include two different types of steel, two aluminum plates, wristbands for measuring blood pressure and pulse, and radar antennas. Mr Alckmin said import duties had previously ranged from 12 per cent to 16 per cent and that the government would implement a "zero tariff" policy on such imports for some time to come.

On May 23, 2022, Brazil's Economy Ministry announced a 10 percent reduction in import tariffs on beans, meat, pasta, biscuits, rice and construction materials. The policy covers 87 per cent of Brazil's total imports, covering a total of 6,195 items, and runs from June 1, 2022, to December 31, 2023. This is the second time since November 2022 that the Brazilian government has announced a 10 percent tariff cut on such imports.

According to the 2022 import and export data released by the General Administration of Customs, the total value of China's exports to Brazil was about 62 billion US dollars (22.8% of the total value of China's exports to Latin America), up 15.7% from 2021. The total value of Brazil's imports in 2022 was $272.61 billion, an increase of 24.2% compared to 2021. Imports for the first two months of the year so far in 2023 totaled $38.26 billion, down 1.2 percent from a year earlier.

According to Brazilian customs statistics, the total value of China's imports was 60.7 billion US dollars, accounting for 22.3% (2022 data). It was followed by the US with 18.8%, followed by Argentina, Germany, India, Russia, Italy, South Korea, Saudi Arabia and Japan. In the first two months of 2023, China's imports fell from a year earlier to $8.3 billion, accounting for 21.7 percent of Brazil's total imports.

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