2023 Aug Brazil Global Trade Data Summary: Surplus & China Reliance

Brazil 2023 Aug Trade Data Key Takeaways

• Market Trend: Brazil trade data shows exports up 1% to $31.09B, imports down 21.4% to $22.44B, yielding an $8.65B surplus.
• Key Driver: Brazil import export data reveals China dominates exports (30%) while machinery/electronics lead imports (26%).
• Strategic Risk: Commodity-heavy export mix and China reliance expose Brazil to price swings and demand shocks.

Analysis covers 2023 Aug based on sanitized customs records from the yTrade database.

Brazil 2023 Aug Trade Data Trend Overview

• As a major agricultural and commodity exporter, Brazil's global trade data reflects its critical role in global supply chains for food, minerals, and energy.
• Brazil import export data for August 2023 showed exports of $31.09B, a marginal 1% annual gain, while imports of $22.44B fell sharply by 21.4% year-on-year.
• This resulted in a significant trade surplus of $8.65 billion for the month.
• The import contraction was primarily driven by a decline in foreign purchases of manufactured goods and capital equipment, as domestic demand softened amid high interest rates and fiscal consolidation efforts.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Brazil 2023 Aug Top Trading Products

Brazil Global Trade Core Summary

Brazil's trade is heavily resource-driven, with exports dominated by raw materials and agricultural products. The top three exports—mineral fuels (16.2%), oil seeds (13.9%), and ores (10.2%)—account for over 40% of total export value. Other key exports include cereals, meat, and sugar, reinforcing Brazil's role as a major agricultural exporter. In contrast, imports are more diversified, led by machinery (13.9%), electrical equipment (12.1%), and mineral fuels (14.0%), indicating reliance on industrial goods and energy. The trade structure shows high concentration in exports but broader import needs, exposing vulnerability to commodity price swings.

Key Takeaways:

• Exports rely on raw materials and agriculture, with limited high-value manufacturing.
• Imports focus on machinery, electronics, and chemicals, highlighting industrial dependencies.
• Mineral fuels appear in both top exports and imports, suggesting energy trade complexities.

Brazil Export-Import Structural Gap

Brazil exports mostly raw materials but imports machinery, electronics, and industrial goods, reflecting a classic resource-based economy. The overlap in mineral fuels (HS 27) as both a top export and import points to refining or energy balance issues. Machinery (HS 84) and vehicles (HS 87) are imported at higher shares than exported, showing gaps in advanced manufacturing. The lack of high-tech exports in the top 10 suggests limited industrial upgrading. This trade gap underscores Brazil's need to diversify exports beyond commodities to reduce reliance on foreign industrial goods.

Table: Brazil Top Import & Export Product Categories (Source: yTrade)

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Brazil 2023 Aug Top Trading Countries

Brazil Global Trade Key Patterns

Brazil's exports show strong concentration, with Mainland China alone accounting for 30% ($9.33B) of total shipments. The US is the second-largest destination (10.9%, $3.39B), followed by Argentina (4.6%, $1.43B), indicating a reliance on a few key markets. Imports are more diversified, though Mainland China (23.5%, $5.27B) and the US (15.3%, $3.42B) dominate. Germany, Argentina, and Russia each supply 5–6% of imports, reflecting broader sourcing. Key takeaways:

• Exports depend heavily on China and the US (combined 40.9%).
• Imports are less concentrated, with the top two suppliers (China, US) at 38.8%.
• Argentina and Mexico appear in both top 10 export and import lists, suggesting bilateral trade ties.

Brazil Export–Import Geographic Gap

Brazil’s export destinations are more concentrated than its import sources, with China’s share in exports (30%) exceeding its import role (23.5%). The US is a balanced partner, ranking second in both flows. Overlap exists with Argentina (4.6% export share, 5.2% import share) and Mexico (2.8% export, 2.1% import), hinting at processing trade. The structure shows downstream reliance on China for exports but upstream diversification for imports. Europe (Germany, Italy, France) features more prominently in imports than exports.

Table: Brazil Top Destiantion & Origin Countries (Source: yTrade)

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Frequently Asked Questions

What are the major products exported by Brazil in 2023 Aug?

Brazil's top exports in August 2023 were mineral fuels/oils (16.21%, $5.04B), oil seeds/fruits (13.85%, $4.30B), and ores/slag (10.15%, $3.16B), reflecting its strength in commodities.

What are the main products Brazil imports in 2023 Aug?

Brazil primarily imported mineral fuels/oils (13.96%, $3.13B), machinery (13.87%, $3.11B), and electrical equipment (12.11%, $2.72B), indicating reliance on industrial inputs.

Which countries are the top destinations for Brazil's exports in 2023 Aug?

Mainland China (23.48%, $5.27B), the United States (15.26%, $3.42B), and Germany (5.69%, $1.28B) were Brazil's largest export markets in August 2023.

Which countries supply most of Brazil's imports in 2023 Aug?

Brazil sourced most imports from Mainland China (30.02%, $9.33B), the United States (10.90%, $3.39B), and Argentina (4.60%, $1.43B) during this period.

How balanced are Brazil's export and import markets in 2023 Aug?

Brazil recorded an $8.65B trade surplus in August 2023, with exports ($31.09B) rising 1% year-on-year while imports ($22.44B) fell sharply by 21.4% due to weaker domestic demand.