Brazil-USA Bilateral Trade Reaches US$ 18.8 bln in 1Q24

The latest edition of the Brazil-US Trade Monitor by Amcham Brasil indicates growth in goods exchanged between the two countries in the first quarter of 2024, reaching a value of US$ 18.8 billion, the second-highest mark in the bilateral trade historical series.

This increase was driven by record Brazilian exports to the US in both value and volume. Brazil sold US$ 9.8 billion worth of goods to the North American market during the period, marking a 19.5% growth in value and a 33.1% increase in quantity. This surge was observed across all sectors, resulting in a record US$ 7.3 billion in Brazilian exports of industrial products.

“The positive outcome of goods trade between Brazil and the US at the start of the year underscores the significance of our bilateral partnership. Brazil regards the US as a key market for its products, particularly those with higher added value. As we commemorate 200 years of diplomatic relations, Amcham anticipates continued growth in bilateral trade, setting new records across various indicators,” highlights Abrão Neto, CEO of Amcham, representing one-third of Brazil’s GDP.

The chart below compares container exports from Brazil to the United States to containerized cargo imports, all measured in TEUs, from Jan 2021 to Feb 2024. The data is from DataLiner.

Brazil Container Trade with US | Jan 2021 – Feb 2024 | TEUs

Source: DataLiner (click here to request a demo)

Key Highlights 

Trade Intensification: Bilateral trade between Brazil and the US reached US$ 18.8 billion, nearing the record of US$ 19 billion seen in the same period in 2022.

Record Exports: Brazil witnessed a significant 19.5% increase in exports to the US, surpassing the growth rate of exports to other partners. This performance underscores the US’s pivotal role in various sectors, including manufacturing, mining, and agriculture.

Trade Surplus: For the first time since 2008, Brazil attained a trade surplus with the US in the first quarter of the year, amounting to US$ 855.6 million, reflecting the notable rise in Brazilian exports.

Growth in Key Products: Eight out of the top 10 products exported to the US experienced an increase in both value and quantity, showcasing the diversity of Brazil’s export portfolio.

Imports: Despite an overall decline in imports, attributed to reduced purchases of fuel oils, Brazil witnessed an increase in eight of the top 10 products imported from the US, indicating areas of growing productive and commercial interdependence.

Outlook for 2024:

Amcham anticipates a rise in bilateral trade for 2024, driven by the growth of Brazilian exports and expectations of economic expansion and consequent demand in both Brazil and the US.

Additionally, 2024 marks the 200th anniversary of diplomatic relations between the two countries. “In addition to commemorating the outcomes of this longstanding and robust partnership, the bicentennial of Brazil-US relations provides a significant backdrop for laying the groundwork for a new phase of enhanced bilateral integration,” emphasizes Abrão Neto.

Source: Diário Campineiro

Click here to read the original text : https://diariocampineiro.com.br/comercio-bilateral-brasil-eua-alcanca-us-188-bilhoes-no-primeiro-trimestre-de-2024/

Sharing is caring!