According to official data, the South American country’s trade surplus – when the value of exports exceeds the value of imports – was nearly $99 billion last year.
Imports are expected to rise by 5.4% in 2024, while exports are expected to rise by 2.5%.
According to data from the Ministry of Development, Industry, Trade, and Services, imports fell about 12% in 2023 compared to 2022.
This trend continued throughout the year, with price and volume contractions observed, resulting in lower imports of key products such as fuels, fertilizers, and electronic components used by industry.
Meanwhile, Brazilian exports rose by 1.7% in 2023.
Due to an unprecedented agricultural harvest and a surge in shipments from the extractive sector, Brazilian exports increased late in the year.
According to Tatiana Prazeres, Brazil’s foreign trade secretary, the 2023 data marked the first time the country exported more than $100 billion to a single country, China, in a single year. Last year, exports to the Asian behemoth totaled nearly $106 billion.