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During the first decade of the 2000s, Latin America experienced the so-called commodity boom caused mainly by the high Chinese demand for primary goods. This led the region to show high growth rates and guaranteed a surplus in the trade balance, strengthening the ties of these countries with the People's Republic of China (PRC). However, without significant structural changes, the region maintained its position as an exporter of primary goods in the international division of labor, and from 2011 it began to lose its dynamism. This article seeks to analyze this phenomenon in the 21st century based on bilateral trade between Brazil and the PRC, highlighting the importance of soy in this context and its strategic and economic implications. This is done through a review of the Prebisch-Singer thesis and its relevance within the global value chains in the 21st century. The objective is to understand the deterioration of the terms of trade between Brazil and the PRC, as well as the regressive specialization of Brazil, while the Chinese strategy focuses on importing the low value-added product and generating value internally, using as the basis of its supply chain. production and consumption as part of a medium-long term development project.