COFCO imports $19 billion worth of Brazilian agricultural products in past 3 years

(ECNS) -- China National Cereals, Oils and Foodstuffs Corporation (COFCO), the leading agricultural and food company in the country, has imported 34 million tons of agricultural products from Brazil in the past 3 years, with a total value of 19 billion U.S. dollars, the company said Thursday.

According to COFCO Corporation, a total of 68,000 tons of corn imported from Brazil have been sent to famers nationwide after processing.

This is the first time that China imported Brazilian corn by bulk carrier. In January this year, this batch of corn set off from the Port of Santos, the largest port in Latin America, and arrived at Mayong Port in Guangdong, marking the official launch of the Brazilian corn export channel to China.

Brazil is the third largest corn producer in the world as well as the second largest corn exporter, with annual corn export exceeding 40 million tons, accounting for about a quarter of the global  figure.

A person in charge of COFCO Corporation said that importing high-quality agricultural products not only solves the issue of sales, but also meets domestic demand .

Moreover, more Brazilian corn purchased by COFCO Corporation is arriving in China, which is expected to supply the Chinese market in the long term, the person added.

China has been Brazil's largest trading partner for more than ten years in a row, and Brazil is the first Latin American country whose trade with China has exceeded $100 billion.

China has the largest and most potential agricultural product consumption market in the world, while Brazil is one of the most important agricultural product exporters.

Highly complementary agricultural cooperation has become an important engine to promote the rapid growth of trade between the two countries.

Except for agricultural products, COFCO Corporation has been increasing its investment in Brazil, for example, at the Port of Santos which is responsible for the transportation of28 percent of Brazil's foreign trade products. Here, COFCO Corporation operates two large efficient cargo terminals, enabling Brazil’s agricultural products like soybean and corn to reach the rest of the world.

COFCO has invested more than 2.3 billion U.S. dollars in the Brazilian market since 2014 when it first entered the country.

The company has become one of Brazil's major exporters and processors of corn, soybeans and raw sugar.