Lusophone Exports to China Hit Record High in Q1 2024

Exports from Portuguese-speaking countries to China soared to a record $54.3 billion (€50.6 billion) in the first quarter of 2024, marking a remarkable 19.4% increase compared to the same period last year, according to data released by the Macao Forum. This record-breaking surge in exports highlights the strengthening economic ties between China and the Lusophone world.

Why this matters: The growing trade relationship between China and Portuguese-speaking countries has significant implications for global economic dynamics, as it could potentially shift the balance of power in international trade. The growing trade relationship between China and Portuguese-speaking countries has significant implications for global economic dynamics, as it could potentially shift the balance of power in international trade. In addition, this trend may lead to increased economic interdependence and cooperation between China and these nations, with potential benefits for regional development and stability.

Brazil, the largest Portuguese-speaking supplier to China, witnessed a substantial 25.8% increase in exports, reaching $29.3 billion (€27.3 billion). Angola's exports to China also grew by 9.6% to $4.32 billion (€4.03 billion), while Portugal's exports rose by 5.4% to $743.7 million (€692.9 million). Mozambique experienced a notable 26.6% growth in exports to China, amounting to $407.4 million (€379.6 million).

Other Portuguese-speaking nations also saw significant increases in their exports to China. Timor-Leste's exports skyrocketed by an astonishing 1,866%, albeit from a relatively low base, reaching $132,000. Cape Verde and Guinea-Bissau recorded impressive export growth rates of 72.2% and 686.7%, respectively, further highlighting the expanding trade relations between China and the Lusophone countries.

On the import side, Portuguese-speaking countries purchased goods worth $19.2 billion (€17.9 billion) from China in the first quarter, representing a 12.5%year-on-yearincrease. Brazil, being China's largest trading partner within the Lusophone bloc, imported goods valued at $16.1 billion (€15 billion). Portugal followed, ranking second-largest in terms of imports, with purchases from China amounting to $1.46 billion (€1.36 billion).

Despite the impressive growth in exports from Portuguese-speaking countries, China recorded a trade deficit of $15.8 billion (€14.7 billion) with the Lusophone bloc in the first quarter of 2024. This deficit emphasizes the increasing importance of the Lusophone market for Chinese goods and the deepening economic ties between China and Portuguese-speaking nations.

The Macao Forum, an organization dedicated to promoting economic and trade cooperation between China and Portuguese-speaking countries, convened its sixth ministerial conference in April 2024. During the conference, a new action plan was approved, setting the organization's goals and strategies until 2027. The plan focuses on exploring new areas of cooperation, including the digital economy and the blue economy, while strengthening collaboration in tackling climate change.

The record-breaking exports from Portuguese-speaking countries to China in the first quarter of 2024 demonstrate the strengthening economic ties between these nations. Macao Forum continues to cultivate cooperation and explore new opportunities, the future of trade between China and the Lusophone world looks promising. The approved action plan until 2027 sets the stage for further growth and collaboration in various sectors, positioning Portuguese-speaking countries as increasingly important partners for China in the global economic arena.

Key Takeaways

• Exports from Portuguese-speaking countries to China reached a record $54.3 billion in Q1 2024, up 19.4% from last year.
• Brazil, Angola, and Mozambique saw significant export growth to China, with increases of 25.8%, 9.6%, and 26.6%, respectively.
• Portuguese-speaking countries purchased $19.2 billion worth of goods from China in Q1 2024, a 12.5% year-on-year increase.
• China recorded a trade deficit of $15.8 billion with the Lusophone bloc in Q1 2024, highlighting the importance of the market.
• The Macao Forum approved a new action plan to explore cooperation in areas like digital economy, blue economy, and climate change until 2027.