Cars and Coffee Drive Espírito Santo’s Foreign Trade to Historic Records in 2024

Espírito Santo state ended 2024 with an impressive foreign trade performance, reaching a total trade value of $24.5 billion (R$150 billion), a 27.1% increase compared to 2023, when the total was $19.3 billion. This marks the highest annual trade volume for the state in the last 12 years, according to data from the Ministry of Industry, Foreign Trade and Services (MDIC) and the Jones dos Santos Neves Institute (IJSN).

The milestone was driven by unprecedented growth in car imports and coffee exports. Unroasted coffee exports surged by 119% year-over-year, generating $2 billion (R$12 billion). At the same time, car imports, the state’s leading import category in 2024, totaled $3.7 billion (R$22.5 billion), marking a 93% increase.

Historic Import Records and Strong Export Performance

Espírito Santo’s imports reached a record high of $13.88 billion (R$84.6 billion) in 2024, while exports totaled $10.7 billion (R$65.27 billion), with highlights including iron ore, coffee, and iron and steel products. Although the state’s export record still belongs to 2011 ($14.8 billion), 2024 reaffirmed Espírito Santo’s status as a strategic hub in Brazilian foreign trade.

Key Trading Partners

The United States was the primary destination for Espírito Santo’s exports, accounting for 29% of the total, followed by Malaysia (6.1%), Egypt (5.4%), Argentina (4.7%), and China (3.9%).

On the import side, China led with 35% of the total, followed by the United States (15%), Argentina (12%), Australia (4.9%), and Germany (4.2%).

Strategic Position and Future Investments

According to Sidermar Acosta, president of the Espírito Santo Export and Import Trade Union (Sindiex), the state continues to strengthen its privileged position in foreign trade. “We are located within a 1,200-kilometer radius of Brazil’s main consumer GDPs, in addition to offering a favorable business environment with solid partnerships between public and private institutions,” Acosta explains.

He also highlighted key operations that boosted 2024’s performance, such as the arrival of automobiles, aircraft, and machinery, particularly from Asia, Europe, and the United States. In exports, the state maintained its global relevance, led by iron ore and coffee.

Acosta projects significant advancements in the coming years, supported by investments in logistics infrastructure. “Vports has expanded its cargo handling capacity, while the Vila Velha Terminal (TVV) is undergoing modernization. In the northern part of the state, the Imetame Port is in the final stages of construction, with inauguration scheduled for mid-2025,” he stated.

Outlook for 2025 and Beyond

Acosta acknowledged the challenges posed by the tax reform planned for 2032 but remains optimistic: “We are working to implement measures that will ensure the continuity of our activities, solidifying Espírito Santo as a logistics hub of reference and a center for international trade.”

With impressive results and strategic investments, Espírito Santo is experiencing significant expansion, cementing its role as a key player in Brazilian foreign trade.

Source: A Gazeta

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