Brazil Country profile: Trade and Economic Analysis

As per the Latest Import Export Data, Brazil imported USD 166 billion and exported USD 209 billion in goods, while in services the country imported USD 47 billion and exported USD 27 billion. The country possesses a diversified economy. 

As per the Brazil Import Data, the country mainly imports manufactured goods – machinery, fuels and lubricants, chemicals and pharmaceutical products and parts and accessories for motor vehicles and tractors.

The country also imports raw materials, mostly crude oil, coal, natural gas and wheat grain. The main import partners are China, United States, Argentina, Korea, and Germany. The country imports 90% of the raw materials for the manufacturing of medicines and with the escalation in freight prices and a rise in the dollar, the pharmaceutical industry is beginning to feel the impact on production costs.

In the year 2021, the country imported 24.04 billion US dollars worth of motor vehicles and auto parts, an increase of nearly 99% in comparison with the previous year. The country is increasing its share of the world’s auto production.

In order to meet the rising petroleum demands, Brazil imports petroleum products to compensate for its fuel price subsidies and to supplement its underinvestment in the refining sector. In the year 2009, imports of petroleum products averaged 589,000 b/d, up to 5% from the previous year.

As per Brazil Export Data, the main exports of Brazil are soybean, crude oil or Bituminous mineral oils, reaching an export value of 26.1 billion US dollars and 24.2 billion dollars. Iron ore and its concentrates were Brazil third most exported products with 22.7 billion US dollars worth of exports.

The main export partners are China, United States, Argentina, Netherlands, and Japan. The country’s soybean exports have been on a steady rise since 2011 when the country shipped 32.976 million tonnes. Brazil has averaged 81.18 million tonnes of soybeans exports annually since 2018.

In the year 2020, the country exported $2.93 B cars making it the 31st largest exporter cars in the world. The cars were the 14th most exported product in Brazil in the same year. The main destination of cars exports from Brazil are Argentina, Mexico, Columbia, Indonesia and Poland.

The fastest growing export markers for cars of Brazil between 2019 and 2020 were Nigeria, Poland and Mexico.

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