Brazil Ends 2024 with $74.5 Billion Trade Surplus

According to data released by the Ministry of Development, Industry, Trade, and Services (MDIC), Brazil’s trade balance reached a surplus of $74.5 billion at the end of 2024. The figure reflects $337.03 billion in exports and $262.4 billion in imports, marking the second-largest surplus in the country’s history.

A surplus occurs when exports exceed imports. Conversely, when imports surpass exports, a deficit is recorded.

Tatiana Prazeres, Executive Secretary for foreign trade at the MDIC, noted that 2024 saw a strong performance in Brazilian exports despite a slight 0.8% decline compared to the previous year. Meanwhile, imports rose by 9%, reducing the surplus by 24.6% compared to the record $98.9 billion achieved in 2023.

The total trade flow—the sum of exports and imports—reached $599.5 billion, also the second-highest result in Brazil’s history.

Outlook for 2025

MDIC projections for 2025 estimate a trade surplus between $60 billion and $80 billion. Exports are expected to range from $320 billion to $360 billion, while imports are projected to fall between $260 billion and $280 billion.

Key Highlights from Exports and Imports in 2024

Among the standout export products in 2024, crude oil saw a significant increase, while soybeans experienced a sharp decline:

• Crude oil: $44.84 billion (+5.2%)
• Soybeans: $42.94 billion (-19.4%)
• Iron ore: $29.84 billion (-2.4%)
• Sugar and molasses: $18.63 billion (+18.1%)
• Fuel oils: $11.69 billion (+3.9%)

On the import side, fuel oils registered the highest value, while passenger vehicles recorded the largest percentage growth:

• Fuel oils: $15.19 billion (-12.3%)
• Fertilizers: $13.56 billion (-7.2%)
• Thermodynamic valves: $8.96 billion (-1.5%)
• Non-electric engines and machinery: $8.46 billion (-28.9%)
• Passenger vehicles: $8.29 billion (+43.2%)

Source: Exame

Original reporting available at: https://exame.com/economia/comercio-exterior-brasileiro-fecha-2024-com-superavit-de-us-745-bilhoes-segundo-maior-da-historia/

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