Brazil’s main trade partners in 2021

RIO DE JANEIRO, BRAZIL – The Brazilian trade balance recorded a surplus of US$61 billion in 2021, according to the Ministry of Economy released on Monday, December 3.

In the accumulated last year, exports grew 34% compared to 2020 and totaled US$280.4 billion. Imports grew 38.2% and totaled US$ 219.4 billion.

China remained Brazil’s leading trade partner, accounting for 31.3% of Brazilian exports in 2021 and 21.7% of imports, followed by the United States and Argentina. See rankings below.

Countries with the largest shares in Brazilian exports:

1. China: US$87.7 billion (31.3%)
2. United States: US$31.1 billion (11.1%)
3. Argentina: US$11.9 billion (4,2%)
4. The Netherlands: US$9.3 billion (3.3%)
5. Chile: US$7 billion (2.5%)
6. Singapore: US$5.9 billion (2.1%)
7. Mexico: US$5.6 billion (1.98%)
8. South Korea: US$5.5 billion (1.97%)
9. Japan: US$5.5 billion (1.97%)
10. Spain: US$5.4 billion (1.94%)

Other countries: US$105.4 billion (37.6%)

Among the countries that most increased their participation in Brazilian exports, Argentina stands out, with a 40% increase in the total value compared to 2020. There was also a significant increase in purchases made by the USA (+44.9%), the European Union (+32.1%), and China, Hong Kong, and Macau (+28%).

Countries with the largest shares in Brazilian imports:

1. China: US$47.7 billion (21.7%)
2. United States: US$39.4 billion (18%)
3. Argentina: US$11.9 billion (5.4%)
4. Germany: US$11.3 billion (5.2%)
5. India: US$6.7 billion (3.1%)
6. Russia: US$5.7 billion (2.6%)
7. Italy: US$5.5 billion (2.5%)
8. Japan: US$5.1 billion (2.4%)
9. South Korea: US$5.1 billion (2.3%)
10. France: US$4.8 billion (2.2%)

Other countries: US$76.1 billion (34.7%)

Compared to the previous year, the increase in the volumes purchased from Argentina (+51.3%), the USA (41.3%), China, Hong Kong, and Macau (+36.7%), and the European Union (+26.2%) stand out.

Soy, iron ore and oil represent 40% of exports.

The surplus of 2021 happened in a year marked by the growth in prices of commodities (products with a basic price, such as food, oil, and minerals) and by the high dollar.

Among exports, the most significant advances occurred in the extractive industry products (62.4%), leveraged by sales of iron ore (72.9%) and oil (54.3%).

The agribusiness sector increased its foreign shipments by 22.2%, mainly soybeans, with a 35.3% increase.

Manufacturing exports grew 26.3%, with the sector recovering from a -9% drop in 2020.

In a note, the Institute for Industrial Development Studies (Iedi) highlighted that the participation of the manufacturing industry in the aggregate of Brazilian exports continues on a contraction path. In 2021 it will represent 51% of total exports, against a share of 81% 20 years ago.

“Not only did the primarization of Brazil’s export profile advance last year, but the concentration in a few products also increased. In 2021, only soybeans, iron ore, and crude oil represented 40% of the country’s total exports. In 2020 these same items represented 35% of the total,” highlighted Iedi.

With information from G1