Trade between Brazil and the U.S. sets a record of US$ 70 billion in 2021

Following a sharp decline in the first year of the pandemic, trade between Brazil and the United States regained momentum in 2021, reaching a historic high of US$ 70.5 billion. The data come from the most recent edition of the Brazil-US Trade Monitor, a quarterly reference publication by Amcham Brasil on the two countries’ trade relations.

“Bilateral trade performance in 2021 was unprecedented.” “We had a year of record exports and imports between Brazil and the United States, surpassing the previous year’s strong decline of 23.5%,” says Abrão Neto, executive vice president of Amcham Brasil.

Based on this result, the United States remained Brazil’s second most important trading partner of goods in 2021, accounting for 14.1% of total Brazilian trade. Brazil’s bilateral trade balance was negative by $8.3 billion, the largest deficit in bilateral trade since 2013.

Export record

Brazilian exports to the United States grew 45% compared to 2020 and reached a record US$ 31.1 billion, driven by the increased American demand and higher prices in sectors such as steel and oil.

The main products exported by Brazil, among others, are semi-finished iron and steel (US$ 4.5 billion), crude oil (US$ 3.1 billion), aircraft and their parts (US$ 1.5 billion), pig iron (US$ 1.2 billion), unroasted coffee (US$ 1.1 billion) and cellulose (US$ 1.1 billion).

Import record

“The record seen in imports was the result of current issues, specifically the water crisis and the pandemic.” Purchases of natural gas from the United States increased significantly to supply thermoelectric plants, whose energy production increased due to a lack of rains. “There were also large quantities of COVID-19 vaccines,” says Abrão Neto.

Brazilian imports of natural gas from the United States totaled US$ 3,3 billion (+2.330 %) last year, while imports of vaccines totaled US$ 2,3 billion (+406 percent). Other notable products include petroleum-based fuels (US$ 7,4 billion), non-electric motors (US$ 3 billion), aircraft and parts (US$ 1,2 billion), crude petroleum (US$ 1 billion), and ethylene polymers (US$ 1 billion).

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