Brazil Sets Record in U.S. Trade, Eyes Enhanced Bilateral Ties

Less than two weeks before the inauguration of U.S. President-elect Donald Trump, Tatiana Prazeres, the Secretary of foreign trade at Brazil’s Ministry of Development, Industry, Trade, and Services (MDIC), emphasized the importance of deepening trade ties between Brazil and the United States.

“Brazil and the United States share a historical relationship with strong economic and business ties. Our goal is to maintain and deepen these bonds. It’s worth noting that, despite Brazil’s robust trade surplus with the world, we have a trade deficit with the United States,” Prazeres stated during a press conference following Brazil’s 2024 trade balance data.

According to her, the U.S. trade surplus with Brazil is a significant factor to consider but goes beyond numbers. “The deep relations between the two countries, the important business connections, and the substantial intra-firm trade justify why this trade partnership should be preserved and strengthened in this new context,” she emphasized.

Trade Surplus and Record Exports to the U.S.

In 2024, Brazil recorded a trade surplus of $74.5 billion, the second-highest in the historical series. Among the year’s highlights, Brazilian exports to the U.S. reached a record high of $40.3 billion, marking a 9.2% increase compared to $36.9 billion in 2023.

“The United States is a strategic destination for our exports. In 2024, we achieved a record with the highest volume ever exported to the U.S. market. This trade is characterized by higher value-added products compared to other markets, involving many companies. In many ways, the U.S. is a highly valued market for us,” Prazeres underscored.

These were the top most exported goods in containers from Brazil to the United States, according to DataLiner data. Readers may request a demo by clicking on the link below.

Top Exports to the U.S. in Containers | 2024 | TEUs

Source: DataLiner (click here to request a demo)

On the import side, Tatiana highlighted that U.S. products also play a crucial role in Brazil’s industry’s competitiveness. In 2024, imports of goods from the U.S. grew by 6.9%, rising from $37.9 billion in 2023 to $40.5 billion.

Projections for 2025

According to MDIC projections, Brazilian exports in 2025 are expected to range between $320 billion and $360 billion, while imports are projected to reach between $260 billion and $280 billion. The trade surplus is estimated at $60 billion to $80 billion, with the total foreign trade flow (exports and imports) ranging from $580 billion to $640 billion.

Herlon Brandão, Director of Statistics and Foreign Trade Studies at MDIC noted that Brazil’s foreign trade is expected to remain relatively stable. “There are no significant indications of major price variations for commodities, which provides a degree of predictability,” he said.

Brandão also pointed out that the exchange rate will be an essential but uncertain factor. “With the growth of the global economy, we anticipate increased demand for Brazilian goods, especially in the food sector, driven by a record agricultural harvest. Additionally, the growth of the Brazilian economy, estimated at over 2% this year, reinforces the expectation of moderate expansion in foreign trade,” he concluded.

Source: Metrópoles

Sharing is caring!