The dollar amount for products exported from Brazil reflects a 51.6% acceleration compared to $224 billion five years earlier in 2019.
Year over year, the overall value of Brazilian exports slowed to a 1.6% gain from $334.5 billion in 2022.
Brazilian exports represent roughly 1.4% of the world’s overall exported products for 2022 valued at $24.707 trillion.
Over half (52.6%) of the revenue that Brazil collected for exports sold during 2023 came from a diverse subset of 5 trading partners namely mainland China, United States of America, Argentina, Netherlands and Mexico.
Applying a continental lens, half (50.3%) of Brazil exports by value was delivered to countries located in Asia 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 customers in Africa (3.9%), and Oceania (0.3%) led by Australia and Marshall Islands.
Brazil’s Top 25 Trading Partners
Below is a list showcasing 25 of Brazil’s top trading partners in terms of export sales, countries that imported the most Brazilian shipments by dollar value during 2023. Also shown is each import country’s percentage of total Brazilian exports.
- mainland China: US$104.3 billion (30.7% of total Brazilian exports)
- United States: $37.1 billion (10.9%)
- Argentina: $16.7 billion (4.9%)
- Netherlands: $12.1 billion (3.6%)
- Mexico: $8.6 billion (2.5%)
- Chile: $7.9 billion (2.3%)
- Spain: $7.8 billion (2.3%)
- Singapore: $7.4 billion (2.2%)
- Japan: $6.6 billion (1.9%)
- Canada: $5.8 billion (1.7%)
- Germany: $5.65 billion (1.7%)
- South Korea: $5.63 billion (1.7%)
- India: $4.7 billion (1.4%)
- Malaysia: $4.12 billion (1.2%)
- Indonesia: $4.10 billion (1.2%)
- Italy: $4.09 billion (1.2%)
- Colombia: $3.82 billion (1.1%)
- Vietnam: $3.73 billion (1.1%)
- Portugal: $3.72 billion (1.1%)
- Paraguay: $3.67 billion (1.1%)
- Belgium: $3.43 billion (1%)
- Türkiye: $3.38 billion (1%)
- Thailand: $3.34 billion (1%)
- United Kingdom: $3.34 billion (1%)
- Saudi Arabia: $3.21 billion (0.9%)
Just over four-fifths (80.8%) of Brazilian exports in 2023 was delivered to the above 25 trade partners.
Posting double-digit increases buying products shipped from Brazil were customers in Indonesia (up 32.5% from 2022), Mexico (up 21.5%) and mainland China (up 16.3%).
Leading the decliners were importers in India (down -26.1%), Colombia (down -24.5%), Belgium (down -21.5%), Spain (down -19.6%), Italy (down -15.3%) and Portugal (down -13.1%).
Countries Causing Brazil’s Worst Trade Deficits
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
In 2023, Brazil incurred the highest trade deficits with the following countries.
- Russia: -US$8.7 billion (country-specific trade deficit in 2023)
- Germany: -$7.5 billion
- France: -$2.5 billion
- India: -$2.2 billion
- Italy: -$1.8 billion
- Switzerland: -$1.38 billion
- United States of America: -$1.31 billion
- Australia: -$1.29 billion
- Sweden: -$1.27 billion
- Austria: -$1.21 billion
Among Brazil’s trading partners that cause the greatest negative trade balances, Brazilian deficits with Italy (up 135%), France (up 77.7%) and Russia (up 47.3%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate Brazil’s competitive disadvantages with the above countries, but also represent key opportunities for Brazil to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Brazil’s Best Trade Surpluses
Brazil earned an overall US$98.8 billion trade surplus during 2023, expanding by 60% from its $61.8 billion positive trade balance one year earlier in 2022.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
In 2023, Brazil generated the highest trade surpluses with the following countries.
- China: US$51.1 billion (country-specific trade surplus in 2023)
- Netherlands: $9.3 billion
- Singapore: $6.5 billion
- Argentina: $4.7 billion
- Spain: $3.9 billion
- Chile: $3.6 billion
- Mexico: $3 billion
- Malaysia: $2.66 billion
- Portugal: $2.65 billion
- Indonesia: $2.64 billion
Among Brazil’s trading partners that generate the greatest positive trade balances, Brazilian surpluses with Indonesia (up 114.2%), Argentina (up 109.9%) and mainland China (up 76.5%) grew at the fastest pace from 2022 to 2023.
These positive cashflow streams clearly indicate Brazil’s competitive advantages with the above countries, but also represent key opportunities for Brazil to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Brazilian Trading Partners
Twenty-five Brazilian corporations rank 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)
According to IMPORTERS.com listings for Brazilian suppliers, the following are examples of companies that ship products from Brazil to its trading partners around the globe. Shown within parenthesis are products that the Brazilian business provides.
- Alfa International (manganese ore)
- Almeida Junior Com Intl Ltda (pig iron)
- CSS Exports & Imports (beer)
- Dwd Export Ltda (slippers, flip-flops)
- Eric Phones Store (mobile phones)
- Industrias Colin SA (polyester, cotton, fiberglass)
- JS Electronics (computers, digital cameras)
- Kalam Diamond (raw diamonds)
- Kesco Ltda (rice, chicken, beef)
- MMS 2000 Import & Export Ltda (cane sugar, soyabeans)
See also Brazil’s Top 10 Major Export Companies, Brazil’s Top 10 Imports, Brazil’s Top 10 Exports and Top Brazilian Trade Balances
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on April 15, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 15, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 15, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 15, 2024
International Trade Centre, Trade Map. Accessed on April 15, 2024
Investopedia, Net Exports Definition. Accessed on April 15, 2024
Wikipedia, Brazil. Accessed on April 15, 2024
Wikipedia, Gross domestic product. Accessed on April 15, 2024
Wikipedia, List of Companies of Brazil. Accessed on April 15, 2024
Wikipedia, Purchasing power parity. Accessed on April 15, 2024