Textile industry records USD 1.14 bn in exports last year

According to data released by the Brazilian Textile and Apparel Industry Association (Abit) on March (13), the exports from the industry increased by 7.53% in 2022, from US$ 1.06 billion to US$ 1.14 billion over the previous year. Imports increased by 15.07%, from $5.16 billion to USD 5.94 billion. The trade balance deficit ended the year at $4.79 billion, 17.03% higher than the previous year’s figure of $4.09 billion.

In this scenario, the Chinese economy significantly impacted the performance of the textile trade balance, accounting for 58.4% of Brazilian imports, totaling US$ 3.57 billion, 28.11% more than in 2021. Purchases from India, however, stood at significantly lower figures ($317.54 million). Brazil’s top ten foreign suppliers also include Paraguay, the United States, Vietnam, Bangladesh, Indonesia, Turkey, Israel, and Argentina.

As for exports, Argentina was the primary buyer in 2022, with US$ 281.20 million. In the list of the ten main destinations, Paraguay, United States, Colombia, Uruguay, Peru, Mexico, Chile, China, and Ecuador appear.

The Brazilian textile and clothing industry’s trade balance alone had a deficit of USD 3.44 billion for Brazil. The data demonstrate the importance of sectoral trade relations with the Asian country.

Source: Money Report

To read the original news article, go to: https://www.moneyreport.com.br/economia/exportacoes-do-setor-textil-chegam-a-us-114-bi-em-2022/

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