Brasil’s trade surplus with G20 countries to be a record in 2023

Brasil’s exports to the G20 countries totaled 265 billion dollars and represented 78% of everything Brasil exported to the world in 2023. A growth of 4.6% on the previous year. Sales of industrial goods are still on the rise, but diversification is still a challenge.

The Impulse of Exports study, published by the Brazilian Trade and Investment Promotion Agency (Apex), linked to the Ministry of Development, Industry, Trade and Services (MDIC), mapped around 9,000 commercial opportunities for Brazilian products and services in the markets of the G20 member countries. 04/15/2024 6:09 PM Brasil’s trade balance with G20 countries had a surplus of 62.3 billion dollars in 2023.

International trade can boost economic growth and provide resources for poverty reduction and environmental protection around the world. Together accounting for 75% of international trade and around 85% of the world’s GDP, the G20 countries form a powerful economic bloc.

But how is Brasil’s trade balance with the G20 countries?

According to data from the Foreign Trade Secretariat of the Ministry of Development, Industry, Trade and Services (MDIC), in 2023, Brasil’s exports to the countries of the bloc amounted to 265 billion dollars and represented 78% of everything Brasil exported to the world. This was an increase of 4.6% on the previous year, when exports to the G20 countries totaled 253 billion dollars. Imports, on the other hand, fell by 11.9% compared to the previous year, from 230 to 203 billion dollars.

Soy was the main product exported by Brasil to the G20 countries in 2023: it accounted for 18% of agricultural exports and a total of 48 billion dollars. Oil came in second with a total of 36 billion dollars, followed by iron ore with 25 billion dollars. The country also exports sophisticated products such as aircraft and cars.

In 2023, Brasil sold 3.5 billion dollars worth of airplanes and more than 6 billion dollars worth of cars for transporting goods, vehicle parts and accessories, civil engineering installations and equipment.

Technological resources

The country also exports sophisticated products such as aircraft and cars. In 2023, Brasil sold 3.5 billion dollars worth of airplanes and more than 6 billion dollars worth of cars for transporting goods, vehicle parts and accessories, civil engineering installations and equipment. In all, goods from the manufacturing industry accounted for 48% of exports (127 billion dollars), followed by agricultural products 26% (68 billion dollars) and extractive industry 25.4% (67 billion dollars).

it comes to imports, Brasil bought 203 billion dollars worth of products from the G20 countries, which represented 84% of everything the country bought from the world in 2023. Fertilizers, fuels and electro-electronic inputs accounted for 92.4% of imported products. The country imported 15 billion dollars in oil and 11 billion dollars in fertilizers. In the agricultural sector, wheat and rye were the most purchased products, totaling 1 billion dollars.

Brazil’s fertilizer imports | Jan 2022 – Jan 2024 | WTMT

Source: DataLiner (click here to request a demo)

According to Herlon Brandão, director of MDIC’s Department of Foreign Trade Statistics and Studies, all this export and import data led to a surplus for Brasil of 62.3 billion dollars in 2023, a record in the historical series that began in 1997. Furthermore, since 2016, Brasil’s trade balance with the other G20 countries has been positive.

Source: G20

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