In the first half of 2024, Brazil achieved a record high in exports to the United States, marking it as the top destination for its goods.
This surge played a crucial role in enhancing bilateral trade relations between the two nations, acording the the latest Amcham Trade Monitor.
In early 2024, trade between Brazil and the United States hit $18.8 billion. This figure nearly equaled the historic high of $19.0 billion from 2022.
Brazilian exports to the U.S. surged in value by 19.5% to $1.6 billion and in volume by 33.1%, reaching 2.8 million tons. Both metrics set new records.
The extractive industry led this surge, with notable gains also in manufacturing and agriculture.
In comparison, Brazil’s exports to the U.S. increased six times faster than to the global market. This trend covered sectors such as mining, manufacturing, and agriculture.
The 19.5% increase significantly exceeded Brazil’s total growth of 3.2% and surpassed trade with key partners like China, South America, and Europe.
For the first time in 16 years, Brazil posted a trade surplus with the U.S., totaling $855.6 million. The last time the first quarter showed a surplus was in 2008.
Brazil saw major increases in nine of its top ten exports to the U.S. Crude oil exports soared by 142%, becoming the top export.
Petroleum oils rose by 177.5%, moving to fourth place. Increases also occurred in unroasted coffee and aircraft, by 36.7% and 57.5%, respectively.
Despite a 7.8% decrease in total imports, amounting to $760.5 million, Brazil witnessed growth in eight major import categories from the U.S.
These categories included non-electric engines and machines, ethylene polymers, crude oil, aircraft, and measurement instruments.
However, petroleum oils, especially diesel, fell by 46.3%, losing $762 million, writes Amcham.
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