Brazil Logs Record Oil Sales to China After Strait of Hormuz Crisis

China’s loss of Persian Gulf oil due to the Strait of Hormuz crisis turned out to be Brazil’s gain, as the trade volume between Brazil and China hit a record $142 billion by September 2026, fueled by soaring exports of Brazilian oil. According to data from the Brazil-China Business Council, Brazil is running a $26.1 billion trade surplus with China, supported by a record $21.8 billion in oil sales, a 49-percent increase over the previous year. Brazil’s largest export to China remains soybeans, but oil is catching up. Soybeans currently comprise 35.4 percent of Brazil’s exports to China, while oil…