Detailed Analysis of Brazil Trade 2023

The Federative Republic of Brazil is one of the largest economies of the American continent; it forms a large coastline with the Atlantic Ocean and shares its borders with different South American countries like Argentina, Paraguay, Bolivia, Peru, and many others except Chile and Ecuador. Brazil is home to a diverse range of natural beauties making it a source of attraction to visitors, the land area and population of the nation is 8.5 million square kilometers and 213 million. Majority of the population residing there practices Portuguese as their official language followed by other native languages like English, Spanish, and Italian.

The detailed analysis of the trade statistics depicts the entire overview of the economic growth of the nation.  Several factors like consumption rate, production rate, and increased investments account for financial stability. The industrial and agricultural sectors of the nation have been contributing to the country’s GDP at a major rate and have accounted for a GDP of 1.7 trillion US dollars in 2023. The Brazilian economy relies heavily on trades like electrical machinery, pharmaceuticals, oil products, and automobiles.

Top 10 Exporting Products of Brazil 2023

Depending on the production rate of the industries the amount of exports and their values shift every year to cater to its economy. The Brazil Export Data showcases the below-mentioned products as the top 10 exports of the nation, its trade values are

• Soybeans (HS code - 12) – Total export trade value of 2023 – 33 billion US dollars.

• Iron ores (HS code - 26) – Total export trade value of 2023 – 25 billion US dollars.

• Crude Petroleum (HS code - 27) – Total export trade value of 2023 – 21 billion US dollars.

• Corn (HS code - 11) – Total export trade value of 2023 – 7 billion US dollars.

• Poultry meat (HS code - 02) – Total export trade value of 2023 – 6 billion US dollars.

• Coffee (HS code - 09) – Total export trade value of 2023 – 5 billion US dollars.

• Gold (HS code - 71) – Total export trade value of 2023 – 4 billion US dollars.

• Beef (HS code - 02) – Total export trade value of 2023 – 3 billion US dollars.

• Soya bean oil (HS code - 15) – Total export trade value of 2023 – 2 billion US dollars.

• Sugar (HS code - 17) – Total export trade value of 2023 – 2 billion US dollars.

Top 10 Export Destinations of Brazil 2023

The Brazilian economy chose the export trade partners on their trade agreements and geographical location for easier transport. The Brazil Trade Data showcased the below countries as the top 10 trade partners,

• China – Annual Export Trade Revenue of China 2023 – 70 billion US dollars.

• United States – Annual Export Trade Revenue of United States 2023 – 30 billion US dollars.

• Argentina – Annual Export Trade Revenue of Argentina 2023 – 15 billion US dollars.

• Netherlands – Annual Export Trade Revenue of Netherlands 2023 – 12 billion US dollars.

• Japan – Annual Export Trade Revenue of Japan 2023 – 10 billion US dollars.

• Australia – Annual Export Trade Revenue of Australia 2023 – 9 billion US dollars.

• Germany – Annual Export Trade Revenue of Germany 2023 – 8 billion US dollars.

• South Korea – Annual Export Trade Revenue of South Korea 2023 – 7 billion US dollars.

• Italy – Annual Export Trade Revenue of Italy 2023 – 6 billion US dollars.

• Chile – Annual Export Trade Revenue of Chile 2023 – 5 billion US dollars.

Top 10 Importing Products of Brazil 2023

The imports of a nation are basically because of the limited production capabilities of the country. As per the Brazil Import Data, the top 10 imports of the nation with its trade values are below,

• Mineral fuels and oils (HS code - 27) – Total Import Trade Value of 2023 – 37.9 billion US dollars.

• Electrical machinery and equipment (HS code - 85) – Total Import Trade Value of 2023 – 24 billion US dollars.

• Machinery including computers (HS code - 84) – Total Import Trade Value of 2023 – 23 billion US dollars.

• Vehicles (HS code - 87) – Total Import Trade Value of 2023 – 13 billion US dollars.

• Pharmacy products (HS code - 30) – Total Import Trade Value of 2023 – 9 billion US dollars.

• Organic chemicals (HS code - 29) – Total Import Trade Value of 2023 – 8 billion US dollars.

• Plastics (HS code - 95) – Total Import Trade Value of 2023 – 7 billion US dollars.

• Vehicles parts and accessories (HS code - 87) – Total Import Trade Value of 2023 – 6 billion US dollars.

• Iron and steel (HS code - 72) – Total Import Trade Value of 2023 – 5 billion US dollars.

• Optical and medical instruments (HS code - 90) – Total Import Trade Value of 2023 – 4 billion US dollars.

Top 10 Import Destinations of Brazil 2023

To fulfill the domestic consumption needs the nation used to import a variety of goods from different countries across the globe. The import trade destinations are chosen on their geographical proximity and the trade rate of the products to balance the economic stability. As per the Brazil Trade Data, the top 10 import destinations of the nation with its annual revenue are discussed below,

• China – Annual Import Trade revenue of China 2023 – 46 billion US dollars.

• United States – Annual Import Trade revenue of United States 2023 – 33 billion US dollars.

• Argentina– Annual Import Trade revenue of Argentina 2023 – 13 billion US dollars.

• Germany – Annual Import Trade revenue of Germany 2023 – 11 billion US dollars.

• South Korea – Annual Import Trade revenue of South Korea 2023 – 9 billion US dollars.

• Japan – Annual Import Trade revenue of Japan 2023 – 7 billion US dollars.

• Italy – Annual Import Trade revenue of Italy 2023 – 6 billion US dollars.

• India – Annual Import Trade revenue of India 2023 – 5 billion US dollars.

• Netherlands– Annual Import Trade revenue of Netherlands 2023 – 4 billion US dollars.

• Chile – Annual Import Trade revenue of Chile 2023 – 4 billion US dollars.

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