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Foreign trade figures of Brazil

Foreign Trade in Figures

Although foreign trade only represents around 39% of its GDP (World Bank, latest data available), Brazil is the world's 26th-largest exporter and importer and the country has an enormous economic potential (WTO). Brazil mainly exports petroleum oils (16.7%), soya beans (14%), iron ores (8.6%), maze and corn (3.7%), and cane or beet sugar (3.3%); while its main imports are petroleum oils (11.9%), fertilizers (8.6%), parts and accessories for tractors and motor vehicles (2.8%), insecticides (2.4%), and petroleum gas and other gaseous hydrocarbons (2.3% - data Comtrade).

In 2022, Brazil’s main export partners were China (26.8%), the United States (11.4%), Argentina (4.6%), the Netherlands (3.6%), Spain (2.9%); whereas imports came chiefly from China (23.2%), the United States (18.6%), Argentina (4.7%), Germany (4.6%), India (3.3% - data Comtrade). Despite being the largest economy in Latin America and the ninth in the world, Brazil is still relatively closed compared to other large economies, with a low trade penetration and a low number of exporters relative to the population (its absolute number of exporters is roughly the same as that of Norway, a country with approximately 5 million people, compared to Brazil’s 213 million). However, the country has been implementing changes to improve trade, such as reducing the time for documentary compliance for both exporting and importing by enhancing its electronic data interchange system. Additionally, given that the EU is Brazil's second-biggest trading partner, they are working on a free trade agreement - as a part of the EU's Association Agreement negotiations with the Mercosur countries. Not only that, but the bloc has also been looking into signing a bilateral agreement with China in a plan to modernise and open it to other regions. Furthermore, since the inauguration of the newly-elected Brazilian president, Lula, in January 2023, Brazil and Argentina have been working to foster stronger trade ties and introduce a common currency.

Brazil’s trade balance is structurally positive but has declined in recent years due to a drop in the prices of raw materials, an increase in energy imports and a decline in the competitiveness of Brazilian products. According to the latest available data from WTO, in 2022, Brazil imported USD 292.2 billion and exported USD 334.1 billion in goods, while in services the country imported USD 79.4 billion and exported USD 39.4 billion. For the year as a whole, the World Bank estimated Brazil’s trade balance to be positive by 0.8% of GDP (from 0.9% one year earlier). According to the Ministry of Development, Industry, Trade and Services, as of November 2023, Brazilian exports totalled USD 300 billion, while imports stood at USD 213.5 billion.

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 192,840193,162166,336234,690292,245
Exports of Goods (million USD) 231,890221,127209,180280,815334,136
Imports of Services (million USD) 73,37271,51452,17158,43979,473
Exports of Services (million USD) 34,04433,03327,51431,48239,455

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 28.928.932.338.239.3
Trade Balance (million USD) 43,37326,54732,37036,36344,153
Trade Balance (Including Service) (million USD) 4,045-11,9347,7139,4064,536
Imports of Goods and Services (Annual % Change) 7.71.3-9.512.00.8
Exports of Goods and Services (Annual % Change) 4.1-2.6-2.35.95.5
Imports of Goods and Services (in % of GDP) 14.214.815.818.619.3
Exports of Goods and Services (in % of GDP) 14.614.116.519.620.0

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 7.96.04.03.43.0
Volume of imports of goods and services (Annual % change) -2.8-0.31.62.42.6

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Brazil is a member of the following international economic organisations: IMF, Mercosur, ICC, G-15, G-20, G-24, G-77, Latin American Integration Association (LAIA), WTO, among others. For the full list of economic and other international organisations in which participates Brazil click here. International organisation membership of Brazil is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Brazil can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2022
China 26.8%
United States 11.4%
Argentina 4.6%
Netherlands 3.6%
Spain 2.9%
See More Countries 50.7%
Main Suppliers
(% of Imports)
2022
China 23.2%
United States 18.6%
Argentina 4.7%
Germany 4.6%
India 3.3%
See More Countries 45.7%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

334.5 bn USD of products exported in 2022
Soya beans, whether or not brokenSoya beans, whether or not broken 14.0%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 12.8%
Iron ores and concentrates, incl. roasted iron...Iron ores and concentrates, incl. roasted iron pyrites 8.6%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 3.9%
Maize or cornMaize or corn 3.7%
See More Products 57.1%
292.3 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 8.4%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 3.5%
Mineral or chemical potassic fertilisers (excl....Mineral or chemical potassic fertilisers (excl. those in tablets or similar forms, or in packages with a gross weight of <= 10 kg) 3.3%
Mineral or chemical fertilisers containing two or...Mineral or chemical fertilisers containing two or three of the fertilising elements nitrogen, phosphorus and potassium; other fertilisers (excl. pure animal or vegetable fertilisers or mineral or chemical nitrogenous, phosphatic or potassic fertilisers); animal, vegetable, mineral or chemical fertilisers in tablets or similar forms or in packages of a gross weight of <= 10 kg 2.8%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 2.8%
See More Products 79.2%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: April 2024

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