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flag Brazil Brazilian foreign trade in figures

Although foreign trade only represented 32.4% of its GDP in 2020 (World Bank), Brazil is among the world's 30 largest exporters and importers and the country has an enormous economic potential. Brazil mainly exports soya beans (13.7%), iron ores (12.3%), petroleum oils (9.4%), cane or beet sugar (4.2%), and frozen bovine meat (3.2%); while its main imports are petroleum oils (4.8%), parts and accessories for tractors and motor vehicles (3.2%), electrical apparatus for line telephony (2.8%), electronic integrated circuits and microassemblies (2.4%), and floating vessels (2.3%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by 8.9% in 2021 and is expected to decrease to 4.1% in 2022, while the volume of imports of goods and services increased by 10.6% in 2021 and is expected to decrease to 5% in 2022

The country's main trade partners are China, the United States, Argentina, Germany, the Netherlands, Canada, South Korea, Mercosur and the EU. 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. In 2021, Brazilian exports to the EU grew by 17%, a rate which was only surpassed by China, making Brazil the ninth largest supplier to the European Union. 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.

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 2020, 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. As a result, trade balance of goods and services amounted to USD 11,7 billion. As the world’s agricultural super power, Brazil conducts a very particular foreign trade policy, aiming at conquering markets while preserving at all cost its influential position.

 
Foreign Trade Values 20162017201820192020
Imports of Goods (million USD) 143,474157,543188,564184,370166,276
Exports of Goods (million USD) 185,280217,739239,264225,383209,878
Imports of Services (million USD) 63,75066,29369,13167,74847,357
Exports of Services (million USD) 33,30033,67734,58233,59527,860

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

 
Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 24.524.328.928.532.4
Trade Balance (million USD) 44,54457,32543,37626,54732,370
Trade Balance (Including Service) (million USD) 13,94219,0017,379-8,94211,737
Imports of Goods and Services (Annual % Change) -10.36.77.71.1-10.0
Exports of Goods and Services (Annual % Change) 0.94.94.1-2.4-1.8
Imports of Goods and Services (in % of GDP) 12.111.814.214.415.5
Exports of Goods and Services (in % of GDP) 12.512.514.614.116.9

Source: World Bank ; Latest available data

 
Foreign Trade Forecasts 2022 (e)2023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 2.24.44.42.82.4
Volume of imports of goods and services (Annual % change) -6.8-1.82.52.32.5

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)
2021
China 31.3%
United States 11.2%
Argentina 4.2%
Netherlands 3.3%
Chile 2.5%
See More Countries 47.5%
Main Suppliers
(% of Imports)
2021
China 22.8%
United States 17.7%
Argentina 5.3%
Germany 5.1%
India 3.1%
See More Countries 46.1%

Source: Comtrade, Latest Available Data

 

Main products

280.8 bn USD of products exported in 2021
Iron ores and concentrates, incl. roasted iron...Iron ores and concentrates, incl. roasted iron pyrites 15.9%
Soya beans, whether or not brokenSoya beans, whether or not broken 13.8%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 10.9%
Cane or beet sugar and chemically pure sucrose, in...Cane or beet sugar and chemically pure sucrose, in solid form 3.3%
Oilcake and other solid residues, whether or not...Oilcake and other solid residues, whether or not ground or in the form of pellets, resulting from the extraction of soya-bean oil 2.6%
See More Products 53.6%
234.7 bn USD of products imported in 2021
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 5.9%
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. 3.3%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 3.0%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 2.7%
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 2.5%
See More Products 82.6%

Source: Comtrade, Latest Available Data

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

 
 

Main Services

Source: United Nations Statistics Division, Latest Available Data

 

Exchange Rate System

Local Currency
Brazilian Real (BRL)
Exchange Rate Regime
Floating exchange rate.
Level of Currency Instability
The Real has recently been subject to increased volatility. In 2015, it fell to its lowed point compared to the U.S. Dollar in a decade, due to fiscal turmoil and signs of economic contraction.
Exchange Rate on :

 
 
 
Monetary Indicators 20162017201820192020
Brazilian Real (BRL) - Average Annual Exchange Rate For 1 EUR 3.713.614.314.385.89

Source: World Bank - Latest available data.

 
 

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Latest Update: November 2022