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:
- China: US$87.7 billion (31.3%)
- United States: US$31.1 billion (11.1%)
- Argentina: US$11.9 billion (4,2%)
- The Netherlands: US$9.3 billion (3.3%)
- Chile: US$7 billion (2.5%)
- Singapore: US$5.9 billion (2.1%)
- Mexico: US$5.6 billion (1.98%)
- South Korea: US$5.5 billion (1.97%)
- Japan: US$5.5 billion (1.97%)
- 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:
- China: US$47.7 billion (21.7%)
- United States: US$39.4 billion (18%)
- Argentina: US$11.9 billion (5.4%)
- Germany: US$11.3 billion (5.2%)
- India: US$6.7 billion (3.1%)
- Russia: US$5.7 billion (2.6%)
- Italy: US$5.5 billion (2.5%)
- Japan: US$5.1 billion (2.4%)
- South Korea: US$5.1 billion (2.3%)
- 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
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