China remained the main destination of Brazilian exports in 2018, and figured among the countries contributing to Brazil’s $58.7 billion surplus in commercial transactions with other countries last year. Despite being lower than it was in 2017, when the surplus stood at $67 billion, it was the second highest in the current time series of Brazil’s balance of trade.

Figures were released today (Jan. 17) by the Brazilian Economics Institute, of the Getulio Vargas Foundation (FGV).

China is reported to have reached this status by accounting for 26.8 percent of the total exports, which led to a difference of over 10 percentage points from the second biggest partner of Brazil, the US, with its 12 percent of foreign sales to Brazil. Third comes Argentina, with a lower participation in exports—8.1 to 6.2 percent in 2018.

FGV stresses the China’s increase from 2017 to 2018—21.8 to 26.8 percent, a surge driven by the three main commodities exported to the Asian giant: soybeans, crude oil, and iron oil. In all, these goods account for 82 percent of Brazilian exports to China.

For the first time, oil beat iron ore in Brazil’s sales to China. China’s percentage for the oil exported went from 44.2 to 57 percent from 2017 to 2018.