2023 Dec Brazil Trade Data Summary: Surplus Widens

Brazil 2023 Dec Trade Data Key Takeaways

• Market Trend: Brazil trade data shows exports up 8.23% YoY, imports down -12.33%, widening surplus to $8.37B.
• Key Driver: Brazil import export data reveals China dominates 30.67% of exports, while imports split between China, U.S., and Russia.
• Strategic Risk: Commodity-heavy exports expose Brazil to price swings, with limited high-value diversification.

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

Brazil 2023 Dec Trade Data Trend Overview

• Brazil's agricultural and resource export-driven economy closed 2023 with resilient global trade data, posting an 8.23% year-on-year export gain despite mounting international trade tensions.
• December's Brazil import export data showed exports at $28.84 billion against imports of $20.47 billion, with the latter contracting -12.33% year-on-year as domestic demand softened and the real strengthened.
• The divergent trade flows produced a substantial $8.37 billion monthly trade surplus, reinforcing Brazil's structural trade advantage as a key global supplier of commodities.
• The export resilience and import compression reflect strategic trade diversification efforts and domestic economic cooling, as Brazil prepared legal frameworks like Law No. 15.122 to counter external tariffs [Brazil: Brazil and Law No. 15.122/2025].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Brazil 2023 Dec Top Trading Products

Brazil Global Trade Core Summary

Brazil's trade is heavily resource-driven, with exports dominated by raw materials. Mineral fuels, ores, and agricultural products like sugar, oil seeds, and meat make up over 50% of total exports. Manufacturing exports, such as machinery and vehicles, are smaller but still notable. On the import side, Brazil relies on machinery, electrical equipment, and fuels, indicating a need for industrial inputs and energy. The trade structure shows a clear focus on commodities, with limited high-value finished goods in exports.

Key takeaways:

• Exports are concentrated in raw materials, exposing Brazil to commodity price swings.
• Imports highlight dependence on machinery and technology for industrial needs.
• Agricultural and mining sectors are critical for export earnings.

Brazil Export-Import Structural Gap

Brazil's exports are mostly raw materials, while imports are skewed toward machinery and industrial goods. This gap suggests an economy reliant on commodity sales to fund purchases of advanced equipment. Overlap in fuels (HS 27) for both exports and imports points to refining or energy trade dynamics. The lack of high-tech exports signals limited industrial upgrading. To reduce dependency, Brazil could invest in processing raw materials domestically before export. The trade pattern reflects a classic resource-based economy with room for value-added growth.

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

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Brazil 2023 Dec Top Trading Countries

Brazil Global Trade Key Patterns

Brazil's exports show strong concentration, with Mainland China alone accounting for 30.67% ($8.84B) of total shipments. The U.S. is a distant second at 11.94% ($3.44B), followed by more diversified buyers like the Netherlands (3.18%) and Argentina (2.89%). Imports are less lopsided but still rely heavily on China (23.83%, $4.88B) and the U.S. (15.44%, $3.16B), with Russia (8.21%) as a notable energy/minerals supplier. Key asymmetries:

• Exports hinge on China, while imports split between China, the U.S., and Russia.
• Regional trade is marginal; top partners span Asia, North America, and Europe.
• Overlap exists (China, U.S., Argentina, Mexico, Japan, South Korea), suggesting two-way trade in processed goods.

Brazil Export–Import Geographic Gap

Brazil’s exports depend heavily on a single market (China), while imports draw from three major suppliers (China, U.S., Russia). Export destinations are moderately diversified beyond China, but import sources show broader geographic spread. The overlap in key partners (e.g., China, U.S.) hints at integrated supply chains, particularly in manufacturing. The structure implies upstream diversification (imports) paired with downstream reliance (exports on China). Trade flows are globally dispersed but lack strong regional clustering.

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 Dec?

Brazil's top exports in December 2023 were mineral fuels/oils (15.75% share), ores/slag (13.81%), sugars (7.12%), oil seeds (7.10%), and meat (6.91%), based on HS code data.

What are the main products Brazil imports in 2023 Dec?

Brazil primarily imported mineral fuels/oils (15.31% share), machinery (14.78%), electrical equipment (11.31%), vehicles (8.74%), and fertilizers (6.59%) in December 2023.

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

Mainland China (23.83%), the United States (15.44%), and Russia (8.21%) were Brazil's largest export markets in December 2023.

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

Brazil's main import sources were Mainland China (30.67%), the United States (11.94%), and the Netherlands (3.18%) in December 2023.

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

Brazil recorded an $8.37 billion trade surplus in December 2023, with exports growing 8.23% YoY to $28.84B while imports contracted 12.33% to $20.47B.