The Lure of the Orient
Dec 8, 2003
China has become one of Brazil’s biggest trading
partners, driven by its voracious demand for commodities. Bankers
are benefiting.
China is experiencing an industrial revolution and Brazil has
become its supplier of choice for basic commodities, selling goods
like soybeans and iron ore in undreamt of quantities. In
Portuguese, a big deal is often called
'Um negócio da China’ and Brazil, years behind European
and US exporters and investors, is piling into China as if there
were no tomorrow. Companies like Companhia Vale do Rio Doce (CVRD),
the world’s biggest iron ore exporter, Embraer, the world’s fourth
aircraft manufacturer, and even banks like São Paulo’s Banco Santos
have all identified China as their next great market. Embraer is
due to deliver its first locally-assembled regional jet this
month.
The Chinese economy is surging ahead, growing 9.1% at the
end of the third quarter 2003, leaving Brazil - which has
barely grown this year - in the dust. China has become
Brazil’s second largest...
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