Brazil Imports Double the Auto Parts It Exports

Despite the auto parts industry being on an upward trend regarding exports in Brazil, foreign purchases have been twice as representative as shipments this year. From January to August, exports reached $6.2 billion, while imports amounted to $12.9 billion during the same period.

In the case of exports, the auto parts industry has seen a growth of 16.7%, as compared to the $5.3 billion sold to other countries in the first eight months of 2022.

On the other hand, imports shrank 2.6%, dropping from $13.3 billion to $12.9 billion, according to the trade balance report from Sindipeças published on its website.

In August, with foreign sales of $870.1 million, the sector recorded its best performance of the year, second only to May. Month-to-month comparisons showed an expansion of 6.5% both over July and compared to the same month last year.

Regarding imports, with a total of $1.76 billion, there was a 6.1% decrease compared to August 2022 and an 11.6% increase over the previous month.

See below a comparison between exports and imports of auto parts (hs 87) in Brazil between Jan 2019 and Aug 2023. The data is from DataLiner

Auto Parts | Exports and Imports | Jan 2019 – Aug 2023 | TEU

Source: DataLiner (click here to request a demo)

The trade balance of the automotive parts industry ran a deficit of $6.7 billion this year, “reflecting a 15.6% decrease compared to the deficit observed during the same period last year,” according to Sindipeças’ publication.

Source: Autoindústria

To read the original news report, visit: https://www.autoindustria.com.br/2023/10/04/autopecas-ainda-importam-o-dobro-do-que-exportam/

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