That dollar amount results from a 51.6% acceleration compared to $224 billion five years earlier in 2019.
Year over year, the overall value of Brazilian exports rose 1.6% from $334.5 billion in 2022.
Based on the average exchange rate for 2023, the Brazilian real has depreciated by -26.6% against the US dollar since 2019 but strengthened by 3.3% from 2022 to 2023. Brazil’s weaker local currency starting from 2019 makes Brazilian exports paid for in stronger US dollars relatively less expensive for international buyers.
Brazil’s 8 biggest exports by value in 2023 were soya beans, crude oil, iron ores and concentrates, sugar, corn, solid residues including soya bean oil, processed petroleum oils, and poultry meat. Collectively, that leading subset of Brazilian products represents over half (55.2%) of Brazil’s exports during 2023.
Brazil’s Best International Trade Customers
The latest available country-specific data shows that 66.4% of products exported from Brazil were bought by importers in: mainland China (30.7% of the Brazilian total), United States of America (10.9%), Argentina (4.9%), Netherlands (3.6%), Mexico (2.5%), Chile (2.34%), Spain (2.31%), Singapore (2.2%), Japan (1.9%), Canada (1.7%), Germany (1.66%) and South Korea (1.66%).
From a continental perspective, 50.3% of Brazil exports by value was delivered to Asian countries while 16% was sold to importers in Europe. Brazil shipped another 15.2% worth of goods to North America, with 14.3% going to Latin America excluding Mexico but including the Caribbean.
Smaller percentages went to buyers in Africa (3.9%), and Oceania (0.3%) led by Australia and Marshall Islands.
Given Brazil’s population of 213.9 million people, its total $334.5 billion in 2023 exports translates to roughly $1,600 for every resident in South America’s leading economy. That dollar metric exceeds the average $990 per capita one year earlier.
Brazil’s Top 10 Exports
The following export product groups categorize the highest dollar value in Brazilian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Brazil.
- Mineral fuels including oil: US$55.1 billion (16.2% of total exports)
- Oil seeds: $54 billion (15.9%)
- Ores, slag, ash: $35 billion (10.3%)
- Meat: $22 billion (6.5%)
- Sugar, sugar confectionery: $16 billion (4.7%)
- Cereals: $15 billion (4.4%)
- Iron, steel: $14.6 billion (4.3%)
- Machinery including computers: $14.1 billion (4.1%)
- Vehicles: $12.62 billion (3.7%)
- Food industry waste, animal fodder: $12.56 billion (3.7%)
Brazil’s top 10 exports approached three-quarters (73.4%) of the overall value of total Brazilian shipments.
Sugar plus sugar confectionery was the fastest grower among the top 10 export categories, up by 42.2% from 2022 to 2023.
In second place for improving export sales was oil seeds via 14.5% rise.
Brazil’s shipments of machinery including computers posted the third-fastest gain in value up by 13.2% year over year.
The leading decliner among Brazil’s top 10 export categories were the materials iron and steel, pulled down by a -12.2% retreat.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Brazil’s Most Valuable Export Products further down below.
Brazil’s Major Trade Surpluses by Product Category
Brazil achieved an overall US$61.4 billion trade surplus for 2023 up by 21.9% from its $50.4 billion positive trade balance one year earlier in 2022.
The following types of Brazilian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Ores, slag, ash: US$47.7 billion (Up by 69.1% since 2022)
- Oil seeds: $38.5 billion (Up by 34.8%)
- Meat: $17.9 billion (Up by 14.9%)
- Iron, steel: $9.7 billion (Up by 40.6%)
- Sugar, sugar confectionery: $9.3 billion (Up by 5.4%)
- Mineral fuels including oil: $7.9 billion (Down by -14.6%)
- Food industry waste, animal fodder: $7.6 billion (Up by 24.6%)
- Woodpulp: $6.5 billion (Up by 11.8%)
- Coffee, tea, spices: $6.2 billion (Up by 18.3%)
- Gems, precious metals: $5.2 billion (Up by 10.4%)
Brazil has highly positive net exports in the international trade of iron and copper ores and concentrates. In turn, these cashflows indicate Brazil’s strong competitive advantages under the ores, slag and ash product category.
Brazil’s Major Trade Deficits by Product Category
Below are exports from Brazil that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Brazil’s goods trail Brazilian importer spending on foreign products.
- Electrical machinery, equipment: -US$23.9 billion (Up by 27.9% since 2022)
- Machinery including computers: -$18.6 billion (Up by 21.9%)
- Fertilizers: -$14.9 billion (Up by 89.7%)
- Organic chemicals: -$10.8 billion (Up by 20.7%)
- Pharmaceuticals: -$9.9 billion (Up by 65.6%)
- Plastics, plastic articles: -$6.3 billion (Up by 54.3%)
- Vehicles: -$5.5 billion (Up by 84.6%)
- Optical, technical, medical apparatus: -$5.3 billion (Up by 16.1%)
- Other chemical goods: -$5.2 billion (Up by 13.6%)
- Rubber, rubber articles: -$2.3 billion (Up by 72.4%)
Brazil has highly negative net exports and therefore deep international trade deficits for assembled electronic equipment. That loss-leader category encompasses consumer electronics.
These cashflow deficiencies clearly indicate Brazil’s competitive disadvantages in the international electronics market, but also represent key opportunities for Brazil to improve its position in the global economy through focused innovations.
Brazilian Major Export Companies
Twenty-five Brazilian corporations ranked among Forbes Global 2000. Below is a sample of the major Brazilian companies that Forbes included.
- Braskem (specialized chemicals)
- BRF-Brasil Foods (food processing)
- Cosan (food processing)
- CSN (iron, steel)
- Embraer (aerospace)
- Itaúsa (industrials conglomerate)
- JBS (food processing)
- Metalurgica Gerdau (iron, steel)
- Petrobras (oil, gas)
- Vale (iron, steel)
- WEG (electrical equipment)
Wikipedia lists many of the larger international trade players from Brazil, plus:
- Grupo Pão de Açúcar (retail including online)
- Oi (telecommunications)
According to global trade intelligence firm Zepol, the following smaller companies are also examples of Brazilian exporters.
- Afil Import Export E Comercio (garlic, flaxseed, corn)
- American Safety Razor Brazil (razor blades, adipic acid)
- Hapag Lloyd Brazil (containers, siliceous earths, white cement)
- Inergy Automotive Systems Do Brazil (combustion engine internal pumps, gas station external pumps)
- Vanguard Logistics Services Do Brazil (transmission belts, rubber/plastic molds, malt beer)
Searchable List of Brazil’s Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from Brazil during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Brazilian Export | Value (US$) | Change |
|---|---|---|---|
| 1 | Soya beans | $46,664,334,000 | +20.8% |
| 2 | Crude oil | $42,688,099,000 | +39.5% |
| 3 | Iron ores, concentrates | $28,888,658,000 | -35.3% |
| 4 | Processed petroleum oils | $13,036,328,000 | +79.5% |
| 5 | Corn | $12,264,070,000 | +192.8% |
| 6 | Sugar (cane or beet) | $11,003,830,000 | +19.8% |
| 7 | Frozen beef | $10,938,226,000 | +56.9% |
| 8 | Soya-bean oil-cake, other solid residues | $10,339,530,000 | +40.8% |
| 9 | Poultry meat | $8,888,132,000 | +27.8% |
| 10 | Coffee | $8,542,533,000 | +46.4% |
| 11 | Chemical woodpulp (non-dissolving) | $7,906,359,000 | +23.7% |
| 12 | Iron or non-alloy steel products (semi-finished) | $5,589,155,000 | +0.6% |
| 13 | Gold (unwrought) | $4,907,613,000 | -7.3% |
| 14 | Cars | $4,635,532,000 | +41.4% |
| 15 | Iron ferroalloys | $4,075,201,000 | +17.3% |
| 16 | Soya-bean oil | $3,946,125,000 | +95.7% |
| 17 | Cotton (uncarded, uncombed) | $3,676,393,000 | +7.9% |
| 18 | Aluminum oxide/hydroxide | $3,374,700,000 | +11.5% |
| 19 | Heavy machinery (bulldozers, excavators, road rollers) | $2,779,573,000 | +22.5% |
| 20 | Copper ores, concentrates | $2,744,076,000 | -18.6% |
| 21 | Automobile parts/accessories | $2,531,068,000 | +30.9% |
| 22 | Aircraft, spacecraft | $2,516,973,000 | +14.6% |
| 23 | Swine meat | $00 | -2.7% |
| 24 | Pig iron | $2,384,300,000 | +45.2% |
| 25 | Unmanufactured tobacco, tobacco waste | $2,295,544,000 | +70.1% |
| 26 | Trucks | $2,254,692,000 | +38.9% |
| 27 | Fruit and vegetable juices | $2,231,661,000 | +19.6% |
| 28 | Ethyl alcohol | $1,757,969,000 | +65.7% |
| 29 | Tractors | $1,549,048,000 | +33.9% |
| 30 | Piston engine parts | $1,538,078,000 | +16.5% |
| 31 | Rubber tires (new) | $1,359,865,000 | +25.9% |
| 32 | Hot-rolled iron or non-alloy steel products | $1,234,420,000 | +79.3% |
| 33 | Miscellaneous meat (preserved/prepared) | $1,161,592,000 | +5.6% |
| 34 | Sawn wood | $1,021,038,000 | +8.1% |
| 35 | Wheat | $967,323,000 | +240.6% |
| 36 | Shaped wood | $962,402,000 | +34.9% |
| 37 | Ethylene polymers | $951,524,000 | +2.3% |
| 38 | Laminated wood (including plywood, veneer panels) | $950,346,000 | -21.5% |
| 39 | Monument/building stones, art | $945,909,000 | -7% |
| 40 | Hydrogen, rare gases | $905,466,000 | +101.8% |
| 41 | Electric motors, generators | $871,103,000 | +43.4% |
| 42 | Fresh or chilled beef | $868,085,000 | -12.9% |
| 43 | Alloy steel ingots | $810,885,000 | -10.6% |
| 44 | Medication mixes in dosage | $810,330,000 | +16.1% |
| 45 | Uncoated paper for writing/printing | $757,620,000 | +36.6% |
| 46 | Miscellaneous furniture | $733,817,000 | -13.7% |
| 47 | Coffee/tea extracts, concentrates | $712,532,000 | +30.6% |
| 48 | Other animal leather | $688,380,000 | -12.7% |
| 49 | Rice | $657,488,000 | +83.1% |
| 50 | Flat-rolled iron or non-alloy steel products (plated/coated) | $651,748,000 | +19.5% |
| 51 | Aluminum (unwrought) | $644,952,000 | +18.6% |
| 52 | Taps, valves, similar appliances | $608,901,000 | +10.1% |
| 53 | Air or vacuum pumps | $597,648,000 | +11.5% |
| 54 | Harvest/threshing machinery | $582,486,000 | +52.3% |
| 55 | Wood carpentry, builders' joinery | $570,459,000 | -0.1% |
| 56 | Uncoated kraft paper | $567,751,000 | +102.1% |
| 57 | Footwear (rubber or plastic) | $553,757,000 | +44.4% |
| 58 | Petroleum oil residues | $536,938,000 | +59.3% |
| 59 | Transmission shafts, gears, clutches | $524,577,000 | +9.8% |
| 60 | Insulated wire/cable | $523,562,000 | +19.6% |
| 61 | Other food preparations | $513,728,000 | +22.9% |
| 62 | Unglazed ceramic tiles, cubes | $512,546,000 | +5% |
| 63 | Footwear (leather) | $508,160,000 | +47.8% |
| 64 | Iron or steel tubes, pipes | $506,842,000 | +94.8% |
| 65 | Bovine/equine leather | $499,838,000 | -16.7% |
| 66 | Chassis fitted with engine | $483,819,000 | +91.1% |
| 67 | Chemical woodpulp (dissolving) | $469,199,000 | +42.2% |
| 68 | Piston engines | $463,715,000 | -7% |
| 69 | Salted/dried/smoked meat | $461,901,000 | +30.5% |
| 70 | Miscellaneous animal feed preparations | $446,236,000 | +5.5% |
| 71 | Propylene/olefin polymers | $440,813,000 | -9.9% |
| 72 | Coated paper | $433,059,000 | +22.2% |
| 73 | Polyacetal/ether/carbonates | $432,808,000 | +20.6% |
| 74 | Essential oils | $420,234,000 | +50.6% |
| 75 | Automobile bodies | $414,398,000 | +80% |
| 76 | Turbo-jets | $404,728,000 | -14.8% |
| 77 | Edible offal bovine animals, swine, sheep goats, horses | $400,829,000 | -13.3% |
| 78 | Plastic plates, sheets, film, tape, strips | $400,377,000 | +16.4% |
| 79 | Spray/dispersing mechanical appliances | $398,537,000 | +23.8% |
| 80 | Ethers | $00 | +30.1% |
| 81 | Packaged insecticides/fungicides/herbicides | $389,278,000 | +8.3% |
| 82 | Acyclic hydrocarbons | $387,121,000 | -0.3% |
| 83 | Gelatin | $384,817,000 | +45.2% |
| 84 | Unwrought tin | $380,280,000 | +24.2% |
| 85 | Aluminum plates, sheets, strips | $379,557,000 | +129.5% |
| 86 | Ligneous fiberboard including wood | $372,686,000 | +39.9% |
| 87 | Liquid pumps and elevators | $370,309,000 | -7.9% |
| 88 | Cellulose fiber paper | $357,510,000 | +23.2% |
| 89 | Engines (diesel) | $353,478,000 | +26.6% |
| 90 | Iron or non-alloy steel bars, rods | $352,076,000 | +20% |
| 91 | Coiled iron or non-alloy steel bars, rods | $349,038,000 | +73.2% |
| 92 | Electrical energy | $343,875,000 | +1488.7% |
| 93 | Aircraft or spacecraft parts | $343,686,000 | +0% |
| 94 | Precious metal waste, scrap | $340,332,000 | -43.5% |
| 95 | Electrical converters/power units | $339,592,000 | +14.9% |
| 96 | Mineral substances like vermiculite, perlite | $333,367,000 | +319.6% |
| 97 | Unroasted ground-nuts | $332,673,000 | +0.6% |
| 98 | Nickel ores, concentrates | $321,094,000 | +35.3% |
| 99 | Phone devices including smartphones | $316,220,000 | +18.5% |
| 100 | Electric generating sets, converters | $313,519,000 | +15.5% |
These 100 exported goods were worth a subtotal of US$301.1 billion or 88.6% by value for all international product sales originating from Brazil during 2023.
In macroeconomic terms, Brazil’s total exported goods represent 8.3% of its overall Gross Domestic Product for 2023 ($4.101 trillion valued in Purchasing Power Parity US dollars). That 8.3% for exports to overall GDP in PPP for 2023 compares to 8.8% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Brazil’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Brazil’s unemployment rate averaged 8.333% for 2023, down from an average 9.25% for 2022 according to statistics from the International Monetary Fund.
Brazil’s capital city is Brasilia, although many tourists still assume that flamboyant Rio de Janeiro is the country’s capital–at least for entertainment purposes.
See also Brazil’s Top 10 Imports, Brazil’s Top Trade Partners, Top Brazilian Trade Balances and Brazil’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 21, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 21, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 21, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 21, 2024
International Trade Centre, Trade Map. Accessed on March 21, 2024
Investopedia, Net Exports Definition. Accessed on March 21, 2024
Wikipedia, Brazil. Accessed on March 21, 2024
Wikipedia, Gross domestic product. Accessed on March 21, 2024
Wikipedia, List of Companies of Brazil. Accessed on March 21, 2024
Wikipedia, Purchasing power parity. Accessed on March 21, 2024
Zepol’s company summary highlights by country. Accessed on March 21, 2024