The largest country by population and land area within both South America and Latin America, Brazil shipped an estimated $224 billion worth of goods around the globe in 2019. That dollar amount reflects a -6.6% decline year over year from 2018 but a 17.2% expansion since 2015.



Based on the average exchange rate for 2019, the Brazilian real has depreciated by -18% against the US dollar since 2015 and eroded by -7.5% from 2018 to 2019. Brazil’s weaker local currency make Brazilian exports paid for in stronger US dollars relatively less expensive for international buyers.



From a continental perspective, 47.1% of Brazilian exports by value in 2019 arrived in Asian countries while 17.9% was sold to European importers. Brazil shipped another 16.9% worth of goods to North American clients. Brazilian exports to Latin America (excluding Mexico) plus Caribbean nations totaled 14.3% with roughly 3.4% delivered to Africa and just 0.4% going to Oceania led by Australia and Marshall Islands.



The latest available country-specific data shows that 65.4% of products exported from Brazil were bought by importers in: China (28.1% of the global total), United States (13.3%), Netherlands (4.5%), Argentina (4.3%), Japan (2.4%), Chile (2.3%), Mexico (2.2%), Germany (2.1%), Spain (1.8%), South Korea (1.5%), Canada (1.5%) and Belgium (1.4%).



Given Brazil’s population of 210 million people, its total $224 billion in 2019 exports translates to roughly $1,070 for every resident in South America’s leading economy.

Top 10

The following export product groups categorize the highest dollar value in Brazilian global shipments during 2019. Also shown is the percentage share each export category represents in terms of overall exports from Brazil. Mineral fuels including oil: US$30 billion (13.4% of total exports) Oil seeds: $26.5 billion (11.8%) Ores, slag, ash: $25.3 billion (11.3%) Meat: $15.2 billion (6.8%) Machinery including computers: $12.5 billion (5.6%) Iron, steel: $10.9 billion (4.9%) Vehicles: $9.2 billion (4.1%) Cereals: $7.9 billion (3.5%) Woodpulp: $7.5 billion (3.3%) Food industry waste, animal fodder: $6.3 billion (2.8%) Brazil’s top 10 exports accounted for just over two-thirds (67.5%) of the overall value of its global shipments.



Cereals was the fastest-growing export category via its 71.3% increase from 2018 led by improved international revenues from corn and wheat. In second place was Brazil’s exports of meat resulting in a 14% gain, trailed by Brazilian shipments under the ores, slag and ash category (up 6.7%) then exported mineral fuels including oil (up 1.2%).



Leading decliners among Brazil’s top 10 export categories were its vehicles (down -27.5%), oil seeds (down -21.1%) and machinery including computers (down -15.7%).



Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Brazil’s Most Valuable Export Products further down below.

Advantages

Overall, Brazil achieved a $46.7 billion trade surplus during 2019 down by -20.5% from its $58.7 billion positive trade balance one year earlier.



The following types of Brazilian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services. Oil seeds: US$26.2 billion (Down by -21.2% since 2018) Ores, slag, ash: $24.1 billion (Up by 6.8%) Meat: $14.9 billion (Up by 14.5%) Iron, steel: $8.7 billion (Down by -6.8%) Woodpulp: $7.3 billion (Down by -10.7%) Mineral fuels including oil: $6.1 billion (Up by 76.9%) Food industry waste, animal fodder: $6 billion (Down by -12.6%) Cereals: $5.8 billion (Up by 122.7%) Sugar, sugar confectionery: $5.3 billion (Down by -19.2%) Coffee, tea, spices: $4.7 billion (Up by 3.4%) Brazil has highly positive net exports in the international trade of oil seeds which is often used for vegetable oil and related products. In turn, these cashflows indicate Brazil’s strong competitive advantages under the oil seed product category.

Opportunities

Below are exports from Brazil that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Brazil’s goods trail Brazilian importer spending on foreign products. Electrical machinery, equipment: -US$18.7 billion (Up by 1.9% since 2018) Fertilizers: -$9 billion (Up by 7%) Organic chemicals: -$8.9 billion (Up by 7%) Machinery including computers: -$8.8 billion (Up by 105.1%) Pharmaceuticals: -$6.1 billion (Up by 1.7%) Other chemical goods: -$4.4 billion (Up by 12.1%) Plastics, plastic articles: -$4.3 billion (Up by 10.6%) Optical, technical, medical apparatus: -$4.3 billion (Down by -4.5%) Vehicles: -$3.1 billion (Up by 122.7%) Other base metal goods: -$2.8 billion (Up by 834.1%) Brazil has highly negative net exports and therefore deep international trade deficits for assembled electronic equipment. That loss-leader category encompasses consumer electronics.



These cashflow deficiencies clearly indicate Brazil’s competitive disadvantages in the international electronics market, but also represent key opportunities for Brazil to improve its position in the global economy through focused innovations.

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