Brazil - Canada Trade 2024 Whole Year: $3.29B Surplus
Key Market Takeaways: Brazil - Canada Trade
The bilateral trade relationship between Brazil and Canada shows growth with high volatility in 2024.
- Brazil holds a $3.29B surplus, exporting $6.32B (led by precious metals) while importing $3.03B (dominated by fertilizers). Trade volumes fluctuate sharply, with export spikes offset by import declines.
- Brazil - Canada trade statistics reveal a resource-for-tech exchange: Brazil supplies raw materials (HS 71 gems/metals, 29% of exports), while Canada provides critical agricultural inputs (HS 31 fertilizers, 50% of imports).
- Complementary but asymmetric: Canada’s high-value inputs fuel Brazil’s agribusiness, but Brazil remains a commodity-driven exporter, highlighting untapped value-chain potential.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Brazil-Canada Trade Trend in Whole Year 2024
Brazil Export Performance: Shipments to Canada
- Total Volume: $6.32B in 2024.
- Growth Trend & Context:
- Mixed YoY performance, with notable spikes in April (+44.31%) and November (+31.19%), offset by declines in December (-2.81%) and March (-0.12%).
- Peak volatility in March (MoM +43.59%) and October (MoM +17.11%), with sharp drops in February (MoM -31.19%) and December (MoM -10.89%).
Brazil Import Performance: Sourcing from Canada
- Total Volume: $3.03B in 2024.
- Growth Trend & Context:
- Predominantly negative YoY trends, with steep declines in March (-39.94%), May (-40.89%), and August (-30.23%).
- June (+16.12%) and July (+14.08%) were outliers.
- Highest MoM surge in April (+35.04%), while February saw the sharpest drop (-28.71%).
Brazil - Canada Trade Balance & Market Dynamics
- Net Position: Brazil holds a trade surplus of $3.29B ($6.32B exports - $3.03B imports).
- Relationship Status: Brazil is a net exporter to Canada, with exports nearly doubling imports. Volatility in imports suggests shifting demand or supply constraints.
Brazil Import Trend from Canada 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 247.64M | -2.03% | 11.56% |
| Feb | 176.54M | -28.71% | -12.44% |
| Mar | 215.30M | 21.95% | -39.94% |
| Apr | 290.74M | 35.04% | -25.2% |
| May | 264.59M | -8.99% | -40.89% |
| Jun | 321.30M | 21.44% | 16.12% |
| Jul | 338.26M | 5.28% | 14.08% |
| Aug | 277.47M | -17.97% | -30.23% |
| Sep | 258.82M | -6.72% | -2.59% |
| Oct | 214.51M | -17.12% | -22.07% |
| Nov | 213.85M | -0.31% | -15.61% |
| Dec | 207.28M | -3.07% | -18.0% |
| Total | 3.03B | - | - |
Brazil Export Trend to Canada 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 467.96M | -20.21% | 6.09% |
| Feb | 322.02M | -31.19% | 2.91% |
| Mar | 462.41M | 43.59% | -0.12% |
| Apr | 443.25M | -4.14% | 44.31% |
| May | 534.68M | 20.63% | -3.37% |
| Jun | 502.23M | -6.07% | 3.13% |
| Jul | 602.15M | 19.9% | 17.27% |
| Aug | 545.69M | -9.38% | 5.16% |
| Sep | 565.09M | 3.56% | 0.71% |
| Oct | 661.77M | 17.11% | 19.33% |
| Nov | 639.62M | -3.35% | 31.19% |
| Dec | 569.99M | -10.89% | -2.81% |
| Total | 6.32B | - | - |
Get Historical Brazil Canada Trade Records
Brazil-Canada Top Trading Products in Whole Year 2024
Brazil Export Profile: What Does Brazil Sell to Canada
- Top Commodity: Rank #1 export is HS 71 (Pearls, precious stones, metals) at 29.18% of total exports to Canada.
- Demand Driver: Canada likely uses these raw materials for industrial processing, particularly in jewelry or high-tech manufacturing.
- Concentration: The top two categories (HS 71 and HS 28) account for 55.27%, indicating moderate concentration.
Brazil Import Profile: What Does Brazil Buy from Canada
- Top Commodity: Rank #1 import is HS 31 (Fertilizers) at 49.95% of total imports from Canada.
- Dependency Nature: Reflects agricultural dependency, as Brazil relies on Canadian fertilizers for its massive agribusiness sector.
Brazil - Canada Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Brazil exports raw materials (precious metals, foodstuffs) and imports high-value inputs (fertilizers, machinery).
- Value Chain Position: Canada holds the higher value-add position, supplying critical industrial and agricultural inputs, while Brazil provides commodities.
Import Analysis by Product: Canada to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 31 | 1.51B | 49.95% |
| 84 | 502.69M | 16.61% |
| 88 | 188.41M | 6.23% |
| 39 | 168.49M | 5.57% |
| 30 | 107.88M | 3.56% |
| 85 | 76.87M | 2.54% |
| 90 | 72.28M | 2.39% |
| 75 | 33.93M | 1.12% |
| 87 | 30.21M | 1.00% |
| 27 | 24.06M | 0.79% |
Export Analysis by Product: Brazil to Canada (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 71 | 1.84B | 29.18% |
| 28 | 1.65B | 26.09% |
| 17 | 674.32M | 10.67% |
| 88 | 499.17M | 7.90% |
| 72 | 311.35M | 4.93% |
| 09 | 232.07M | 3.67% |
| 84 | 221.20M | 3.50% |
| 26 | 162.62M | 2.57% |
| 85 | 100.96M | 1.60% |
| 02 | 84.68M | 1.34% |
Check Detailed Brazil-Canada Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Brazil’s trade surplus with Canada is expected to widen in 2025, driven by sustained demand for precious metals (HS 71) and agricultural commodities. However, import volatility—particularly in fertilizers (HS 31)—poses a risk, as Canada’s supply chain disruptions or price fluctuations could pressure Brazil’s agribusiness sector. Traders should anticipate tighter margins in fertilizer imports while capitalizing on export opportunities in high-growth months (April, November). The Brazil-Canada trade forecast remains cautiously optimistic, hinging on stable commodity prices and Canada’s industrial demand.
Strategic Moves
- Lock in Fertilizer Contracts: Brazilian agribusinesses must secure long-term agreements with Canadian suppliers to mitigate price volatility and ensure stable input costs.
- Diversify Export Markets for HS 71: Precious metal exporters should target secondary buyers in Canada’s tech and manufacturing sectors to reduce reliance on a single demand stream.
- Monitor MoM Trends Closely: Traders should leverage Brazil’s export spikes (April, November) and avoid high-risk periods (February, December) by aligning shipments with Canada’s seasonal demand cycles.
Frequently Asked Questions
How did Brazil - Canada trade perform in 2024 Whole Year?
Brazil exported $6.32B to Canada and imported $3.03B, with mixed YoY growth in exports and predominantly negative trends in imports.
What are the top exports from Brazil to Canada?
The top export is HS 71 (Pearls, precious stones, metals), accounting for 29.18% of total exports, followed by HS 28.
What does Brazil import from Canada?
The top import is HS 31 (Fertilizers), representing 49.95% of total imports, highlighting Brazil’s agricultural dependency.
What is the trade balance between Brazil and Canada?
Brazil holds a trade surplus of $3.29B, with exports nearly doubling imports, reflecting its net exporter status.
Brazil - Canada Trade 2023 Q4: Surplus Widens
Brazil's trade surplus with Canada hit $848.57M in Q4 2023, driven by resource-for-tech exchange. Explore Brazil Canada trade trends and top trading products via yTrade data.
Brazil - Canada Trade 2024 Q2: Resource-Tech Exchange
Brazil's $603M surplus with Canada highlights a resource-for-tech trade trend. Brazil exports precious metals, Canada supplies fertilizers—see yTrade data for top trading products.
