Russia celebrates trade with Brazil; Ukraine does the opposite

While Russia, subject to international embargoes, celebrates having significantly increased trade with Brazil, Ukraine lamented the collapse of its foreign exchanges with the largest economy in Latin America during an examination of Brazilian trade policy at the World Trade Organization (WTO).

According to Russia, in the first half of the year, its earnings from trade with Brazil increased by 47% compared to the same period last year and totaled US$ 6 billion. Exports and imports increased by 68%, and imports from Brazil grew by 11%.

Russia is a major buyer of Brazilian farming products. Nearly 71% of the agricultural commodities Russia buys comes from Brazil. According to Moscow, Russian companies are involved in several large-scale projects in various industrial sectors in Brazil. In addition, Russian investments in Brazil will total $60 million in 2021.

“However, we see significant untapped potential to improve bilateral trade in goods and services and increase investment flows,” a Russian official said, adding that bilateral economic relations are “underpinned by successful and fruitful cooperation in various international forums, particularly the Brics (the group of large emerging countries).”

In turn, Ukraine highlighted new geopolitical challenges caused by the war with Russia, “worsening global growth expectations, including forecasts of Brazil’s economic indicators.”

Bilateral trade suffered greatly as a result of the war. According to the Ukrainians, the volume of bilateral trade in goods fell by 59.5% over the last eight months compared to the same period in 2021, totaling $169.4 million (exports fell by 90.6%, imports fell by 42.2%). Before the war, trade in goods and services increased steadily, nearly tripling between 2019 and 2021 (from $296 million to $572 million).

“We are convinced that, regardless of the war and ongoing challenges, we can continue to develop our bilateral trade and economic relations,” said the Ukrainian representative.

Source: Valor Econômico

To read the full original article, please go to: https://valor.globo.com/brasil/noticia/2022/11/24/rssia-comemora-e-ucrnia-lamenta-comrcio-com-brasil.ghtml

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