Brazil Business - Brazil

Brazil’s Export Shakeup: Crude Oil Dethrones Soybeans in 2024

By Richard Mann · January 8, 2025 · 2 min read

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

Brazil's Export Shakeup: Crude Oil Dethrones Soybeans in 2024 — Brazil’s Export Shakeup: Crude Oil Dethrones Soybeans in 2024. (Photo Internet reproduction)

One-stop reference

Company Intelligence

Every listed company in Latin America — financials, ownership and structure for 1,450+ companies across 26 exchanges, in one place.

Browse the directory →

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

Live Market IntelligenceBrazil — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

Rio Times · Live Market Intelligence

Brazil — Live Market Board

B3 · São Paulo
Jul 16, 2026 · 08:58

Ibovespa · benchmark

176,010.90
-0.36%

+30.14% over 12 months

Market breadth · 15 names

40% advancing

6 ▲ advancing9 declining ▼

Currencies, rates & key inputs

USD / BRL

5.08

-0.05%

EUR / BRL

5.82

+0.18%

Selic rate

14.25%

·

Brent crude

84.64

-0.36%

Iron ore

161.91

·

Sector heatmap · average move today

Mining

+1.74%

VALE3, CSNA3, GGBR4

Materials

+0.90%

SUZB3

Financials

+0.22%

ITUB4, BBDC4, BBAS3, B3SA3

Energy

-0.15%

PETR4, PRIO3

Industrials

-0.17%

WEGE3, RENT3

Utilities

-0.81%

ENEV3

Consumer Disc.

-1.01%

AZZA3

Consumer Staples

-1.52%

ABEV3

Latin America scoreboard

IndexLastTodayStrength

IbovespaBrazil
176,010.90
-0.36%

S&P/BMV IPCMexico
66,409.65
-0.18%

S&P IPSAChile
10,947.38
-0.70%

S&P MERVALArgentina
3,291,246
+0.00%

MSCI COLCAPColombia
2,292.03
-0.29%

BVL S&P PerúPeru
57,174.37
—

Full instrument board

Instrument	Last	Change	YoY	Prev.	High	Low	Volume
IBOV	176,010.90	-0.36%	+30.14%	176,641.10	—	—	—
USD/BRL	5.08	-0.05%	-8.56%	5.08	5.08	5.07	—
SELIC	14.25%		—	—	—	—	—
PETR4	40.59	-0.17%	+27.04%	40.66	40.80	40.23	25,588,900
VALE3	74.51	+0.68%	+38.21%	74.01	75.00	73.80	15,445,500
ITUB4	43.14	-1.12%	+26.88%	43.63	43.62	43.05	18,968,600
BBDC4	18.60	-0.16%	+15.53%	18.63	18.68	18.48	22,309,900
BBAS3	20.55	-0.19%	-1.67%	20.59	20.73	20.43	14,716,900
B3SA3	15.69	+2.35%	+14.28%	15.33	15.85	15.42	36,695,600
ABEV3	15.57	-1.52%	+17.33%	15.81	15.73	15.35	31,444,500
WEGE3	44.26	+0.14%	+11.57%	44.20	44.37	43.21	7,916,000
PRIO3	57.50	-0.12%	+36.51%	57.57	57.91	57.01	4,688,600
SUZB3	41.48	+0.90%	-17.86%	41.11	41.93	40.77	4,097,000
RENT3	40.35	-0.47%	+9.32%	40.54	40.66	40.25	3,360,700
AZZA3	18.66	-1.01%	-48.45%	18.85	18.91	18.54	1,039,200
CSNA3	5.24	+0.77%	-35.15%	5.20	5.25	5.07	10,812,000
GGBR4	24.20	+3.77%	+46.93%	23.32	24.42	23.09	15,374,800
ENEV3	26.95	-0.81%	+100.07%	27.17	27.35	26.75	10,150,700

Largest moves today

GGBR4
24.20
+3.77%

B3SA3
15.69
+2.35%

ABEV3
15.57
-1.52%

ITUB4
43.14
-1.12%

AZZA3
18.66
-1.01%

SUZB3
41.48
+0.90%

ENEV3
26.95
-0.81%

CSNA3
5.24
+0.77%

The session read

The Ibovespa eased 0.36%, with breadth negative — 6 of 15 names higher. Mining led, while Consumer Staples lagged.

From The Rio Times

Related coverage · 16 Jul 2026

Brazil’s Lula Leads Flavio Bolsonaro in Hypothetical 2026 Runoff, Poll Shows

Read →

In depth

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.

Brazil’s Export Shakeup: Crude Oil Dethrones Soybeans in 2024

Daily Brief

Top Export Products

The top five export products for 2024 were:

Export Destinations

Trade Performance

Brazil — Live Market Board

Related Articles

Brazil Police Indict ‘Careca do INSS’ and 47 Others in $1.24 Billion Pension Fraud

Brazil Supreme Court Justice Halts Extra Pay Perks as Audit Court Allows Double-Dipping on Salary Cap

Brazil’s Lula Leads Flavio Bolsonaro in Hypothetical 2026 Runoff, Poll Shows

Brazil Police Indict ‘Careca do INSS’ and 47 Others in $1.24 Billion Pension Fraud

Rotate for Best Experience

You've reached your free article limit