Brazil’s Export Shakeup: Crude Oil Dethrones Soybeans in 2024
The Brazilian Ministry of Development, Industry, Trade and Services (MDIC) reported a significant change in Brazil’s export dynamics for 2024. Crude oil surpassed soybeans as the country’s top export product, marking a notable shift in the nation’s trade patterns.
Top Export Products
Crude oil exports reached $44.8 billion, showing a 5.2% increase from the previous year’s $42.6 billion. Soybean exports, which led in 2022 and 2023, experienced an 11.04% decline due to reduced crop yields and lower availability for export.
The top five export products for 2024 were:
1. Crude oil: $44.84 billion
2. Soybeans: $42.94 billion
3. Iron ore and concentrates: $29.85 billion
4. Sugars and molasses: $18.63 billion
5. Fuel oils: $11.69 billion
Export Destinations
China, Hong Kong, and Macau remained Brazil’s largest export markets, despite a 9.27% decrease in value. The European Union secured the second position, followed by the United States and ASEAN countries.
Argentina, Brazil’s Mercosur partner, saw the most significant decline in Brazilian exports, dropping 17.6% to $13.78 billion. In contrast, Canada experienced the highest positive variation, with a 9.43% increase to $6.32 billion.
Trade Performance
Brazil achieved a trade surplus of $74.6 billion in 2024. However, the country faced challenges due to falling international commodity prices. Despite a 3% increase in export volume, the total export value decreased by 0.8%.
Herlon Brandão, Director of Foreign Trade Statistics and Studies at MDIC, suggested that soybeans might reclaim the top export position in 2025 if agricultural yields and prices recover.
This shift in Brazil’s export landscape reflects the country’s adaptability to changing global market conditions. The rise of crude oil exports highlights Brazil’s growing importance in the energy sector.
Meanwhile, the agricultural sector’s performance remains subject to climate conditions and international price fluctuations.
| Position | Country or Trade Bloc | Value in 2023 (million USD) | Value in 2024 (million USD) |
|---|---|---|---|
| 1 | China, Hong Kong and Macau | 105,766.04 | 95,962.44 |
| 2 | European Union | 46,299.28 | 48,227.68 |
| 3 | United States | 36,915.46 | 40,330.06 |
| 4 | ASEAN | 24,394.52 | 26,378.75 |
| 5 | Mercosur | 23,561.75 | 20,238.92 |
| 6 | Argentina | 16,712.21 | 13,778.18 |
| 7 | Andean Community | 9,927.38 | 8,430.60 |
| 8 | Mexico | 8,571.68 | 7,801.79 |
| 9 | Canada | 5,772.28 | 6,316.85 |
| 10 | Japan | 6,620.22 | 5,578.00 |
| 11 | South Korea | 5,640.64 | 5,508.09 |
| 12 | Russia | 1,343.31 | 1,450.25 |
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+1.46%
178,233.52
+1.46%
65,484.32
-0.53%
11,431.88
-0.12%
2,999,080
+0.66%
2,467.23
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 178,233.52 | +1.46% | +21.85% | 175,664.62 | 168,310 | 167,142 | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| SELIC | 14.00% | — | — | — | — | — | |
| PETR4 | 41.64 | -0.05% | +35.19% | 41.66 | 41.97 | 41.15 | 41,499,400 |
| VALE3 | 72.97 | +0.83% | +30.75% | 72.37 | 73.54 | 72.66 | 17,658,000 |
| ITUB4 | 38.60 | -1.03% | +4.57% | 39.00 | 39.34 | 38.39 | 29,487,800 |
| BBDC4 | 16.85 | +0.36% | +3.50% | 16.79 | 16.90 | 16.67 | 19,416,900 |
| BBAS3 | 19.37 | +0.47% | +0.73% | 19.28 | 19.44 | 19.16 | 11,069,200 |
| B3SA3 | 14.26 | -0.21% | +12.73% | 14.29 | 14.47 | 14.11 | 33,037,800 |
| ABEV3 | 14.89 | -0.80% | +21.91% | 15.01 | 15.07 | 14.81 | 16,453,100 |
| WEGE3 | 47.59 | +0.49% | +29.99% | 47.36 | 48.08 | 47.36 | 3,364,600 |
| PRIO3 | 59.14 | -0.19% | +50.67% | 59.25 | 59.81 | 58.74 | 3,325,600 |
| SUZB3 | 41.33 | +2.35% | -23.55% | 40.38 | 41.48 | 40.35 | 3,914,900 |
| RENT3 | 34.68 | -0.09% | +0.84% | 34.71 | 34.96 | 34.35 | 7,979,100 |
| AZZA3 | 15.89 | -2.63% | -53.76% | 16.32 | 16.42 | 15.82 | 1,330,300 |
| CSNA3 | 4.30 | +0.47% | -42.65% | 4.28 | 4.41 | 4.26 | 10,076,100 |
| GGBR4 | 24.69 | +2.19% | +51.38% | 24.16 | 24.85 | 24.18 | 7,047,600 |
| ENEV3 | 24.21 | -1.38% | +70.49% | 24.55 | 24.64 | 23.99 | 9,297,000 |
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