China bought half of Brazil’s oil exports as Iran war shut Hormuz, driving sales to record

Trade between Brazil and China reached a record US$143 billion in the first nine months of the year, driven by Brazilian oil sales that surged after the war on Iran disrupted Gulf supply, according to a report by the Brazil-China Business Council.

Brazilian exports to China rose 12 per cent to US$84. 7 billion between January and September, while imports from China grew 9. 9 per cent to US$58. 6 billion, the council…