Brazil imports record USD 8.2 billion in chemical products

Brazil broke another record by bringing US$ 8.3 billion in chemical products in July 2022, according to a trade report by the Brazilian Chemical Industry Association (Abiquim). Such a value represents a 57.3% growth compared to July last year and a growth of 4.5% from June.

Increased quantities of purchases overseas, in addition to higher pricing, led to the record. Last month, little over 6 million tonnes of chemical goods were imported, representing a 5.8% increase over June and a 13.8% increase year on year.

At the same time, exports dropped 9.5% last month compared to June to US$ 1.53 billion. In volume, the fall was 13.9%, to 1.2 million tonnes.

According to Abiquim, total imports between January and July were worth US$ 46.9 billion, 54.5% above the same period last year vis-a-vis US$ 10.3 billion in exports, up 34%. Prices were 40% higher on average in the first seven months of this year, explaining the increase in values.

As a result, the deficit in the trade balance of chemical products seen in Brazil soared 70.3% from January to July to US$ 36.5 billion. In 12 months, the negative balance reached a record US$ 60.1 billion, and, according to Abiquim, it may surpass the “serious mark” of US$ 65 billion in 2022.

The director of Foreign Trade Affairs at Abiquim, Denise Naranjo, emphasized the need for Brazil to advance a state policy focused on the industry.

“We reiterate our commitment to supporting governments in the elaboration of public policies that face the structural challenges of competitiveness, with a focus on improving the business environment and promoting a fair trade,” he said.

Source: Comex do Brasil

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