Brazil-Canada Trade Relations Hit Record High

In a testament to burgeoning bilateral trade relations, Brazil’s exports to Canada surged to a record high in the first quarter of 2024, totaling US$1.253 billion (FOB), marking a notable 3% increase compared to the corresponding period in 2023. This robust performance translated into a significantly positive balance in the bilateral trade ledger for Brazil, soaring to US$659.3 million (FOB), reflecting a remarkable 37% uptick compared to the same period in 2023. The president of the Brazil-Canada Chamber of Commerce (CCBC) attributes this upward trajectory to the concerted efforts aimed at fortifying commercial ties between the two nations.

Ronaldo Ramos, president of CCBC, underscored the persistent growth in trade results as indicative of the relentless pursuit of an expansive agenda of meetings and initiatives aimed at bolstering business collaboration between Brazil and Canada. “Despite the typically subdued figures witnessed in the seasonally unfavorable first quarter, the consistent upward trajectory in results – year after year – underscores the dedicated endeavors to fortify economic bonds between Brazil and Canada,” remarked Ramos.

The following chart uses DataLiner-derived data to show container exports from Brazil to Canada between Jan 2021 and Mar 2024.

Container Exports to Canada | Jan 2021 – Mar 2024 | TEUs

Source: DataLiner (click here to request a demo)

Daniella Leite, director of Associates and New Business at CCBC, emphasized Canada’s steadfast role as a dependable ally of Brazil, highlighting substantial investments in strategic sectors. She underscored the untapped potential inherent in the burgeoning bilateral trade relationship. Notably, CCBC orchestrates approximately eight annual trade missions from Brazil to Canada, encompassing a diverse array of sectors including artificial intelligence, food, mining, and healthcare.

Key highlights in Brazilian exports to Canada during the period encompassed precious stones and metals, notably gold (comprising 28% of total exports), alumina (aluminum oxide) representing 23%, aircraft and equipment including their components (9.9%), and sugars and molasses (6.1%). Conversely, purchases of Canadian products totaled US$593.9 million (FOB) between January and March 2024, witnessing a dip of 19.2% compared to the same period in 2023. This decline is primarily attributed to reduced purchases of fertilizers, which garnered attention in 2022 amidst the onset of the conflict between Russia and Ukraine, but witnessed a decline over the preceding year.

Source: Agrolink

Click here to access the original text: https://www.agrolink.com.br/noticias/exportacoes-brasil-canada-tem-resultado-significativo_491050.html

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