Exports from Brazil to EU jump 46.2%, says Icomex/FGV

Brazil’s exports to the European Union surged by 46.2% in April 2024 compared to the same period in 2023, driven by significant shipments of oil, unroasted coffee, and soybean meal, according to the Foreign Trade Indicator (Icomex) released on Thursday by Fundação Getúlio Vargas (FGV).

Brazil’s other main trading partners also saw notable increases in export volumes. Exports to the United States grew by 22.0% in April, while exports to China rose by 14.1%. Exports to Asia, excluding China and the Middle East, saw a substantial increase of 38.7%. Conversely, exports to Argentina declined by 34.2%, while exports to other South American countries increased by 12.6%.

From January to April, exports to China increased by 16.1%, to the United States by 20.4%, and to Asia by 17.9%, compared to the same period last year. However, exports to the European Union decreased by 0.6%, to Argentina by 29.8%, and to other South American countries by 9.6%.

Brazil’s trade balance in April recorded a surplus of $9.0 billion, contributing to a cumulative surplus of $27.7 billion from January to April, $4.1 billion higher than the first four months of 2023.

China remained the top contributor to Brazil’s trade surplus, with a balance of $13.9 billion, followed by other Asian countries with $3.4 billion, other South American countries with $2.0 billion, and the United States with $412 million. In contrast, Brazil’s trade balance with the European Union showed a deficit of $817 million.

Source: Infomoney

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