Brazil - France Trade 2024 Q4: Widening Deficit

Key Market Takeaways: Brazil - France Trade

The bilateral trade relationship between Brazil and France remains heavily skewed in France's favor, with Brazil's trade deficit widening in Q4 2024.

• Economic Pulse: Brazil posted a $911.90M trade deficit with France (exports: $678.10M, imports: $1.59B), as imports grew YoY while exports sharply declined.
• Exchange Structure: Brazil - France trade statistics reveal a resource-for-tech dynamic—Brazil supplies low-processed commodities (e.g., food waste, fuels) while importing high-value machinery and industrial equipment from France.
• Strategic Interdependence: The partnership is structurally complementary but imbalanced, with France holding the higher value-add position in the exchange.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Brazil-France Trade Trend in Q4 2024

Brazil Export Performance: Shipments to France

• Total Volume: Brazil's exports to France totaled $678.10M in Q4 2024.
• Growth Trend & Context:
  • Exports showed a sharp YoY decline in December (-48.19%), dragging the quarterly performance. November also contracted (-7.03% YoY), offsetting October’s 15.71% growth.
  • No specific trade news explains the volatility.
• Key Volatility: November saw the steepest MoM drop (-28.4%), followed by December (-21.63%). October was the only month with positive momentum (+9.22% MoM).

Brazil Import Performance: Sourcing from France

• Total Volume: Imports from France reached $1.59B in Q4 2024.
• Growth Trend & Context:
  • Despite a strong YoY expansion in October (+30.01%) and December (+28.06%), imports fell MoM in November (-8.11%) and December (-2.6%).
  • No policy or news context was provided to explain the fluctuations.
• Key Volatility: October posted the highest value ($565.95M) and MoM growth (+1.65%), while November had the sharpest MoM decline (-8.11%).

Brazil - France Trade Balance & Market Dynamics

• Net Position: Brazil ran a trade deficit of $911.90M with France (Imports: $1.59B > Exports: $678.10M).
• Relationship Status: Brazil remains heavily dependent on French imports, with imports more than double exports. The deficit widened compared to Q4 2023 trends (based on YoY import growth outpacing exports).

Brazil Import Trend from France 2024 Q4 (Source: yTrade)**

Brazil Export Trend to France 2024 Q4 (Source: yTrade)**

Get Historical Brazil France Trade Records

Brazil-France Top Trading Products in Q4 2024

Brazil Export Profile: What Does Brazil Sell to France

• Top Commodity: Rank #1 export is HS Code 23 (Residues and waste from the food industries) at 24.17% of total exports to France.
• Demand Driver: France uses these for industrial processing, likely as inputs for animal feed or biofuel production.
• Concentration: Trade is moderately concentrated, with the top 3 exports (HS 23, 27, 09) accounting for 49.41% of total exports.

Brazil Import Profile: What Does Brazil Buy from France

• Top Commodity: Rank #1 import is HS Code 84 (Nuclear reactors, boilers, machinery) at 30.95% of total imports from France.
• Dependency Nature: Critical technology dependency, as France supplies high-value machinery and industrial equipment.

Brazil - France Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Brazil exports raw materials (HS 23, 27, 09) while importing high-tech machinery (HS 84, 88, 90) from France.
• Value Chain Position: France holds the higher value-add position, with exports dominated by advanced industrial goods, while Brazil supplies low-processed commodities.

Import Analysis by Product: France to Brazil (Source: yTrade)

Export Analysis by Product: Brazil to France (Source: yTrade)

Check Detailed Brazil-France Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Brazil’s trade deficit with France is expected to widen further in Q1 2025, driven by sustained French machinery demand and volatile Brazilian commodity exports. The sharp decline in Brazil’s shipments—particularly in December—suggests structural weaknesses in export competitiveness, while France’s high-value industrial goods will likely maintain import momentum. Without policy intervention or diversification, Brazil’s reliance on low-value raw materials will keep the trade relationship unbalanced. Traders should prepare for continued asymmetry in the Brazil-France trade forecast.

Strategic Moves

• Diversify Export Composition: Brazilian exporters must shift toward higher-value processed goods (e.g., refined biofuels from HS 23 residues) to reduce reliance on volatile commodity markets.
• Lock in Long-Term Tech Contracts: Importers of French machinery (HS 84) should negotiate multi-year supply agreements to hedge against price fluctuations and ensure stable access to critical equipment.
• Monitor Currency and Trade Policies: With Brazil’s deficit growing, traders must track potential government measures, such as export incentives or import restrictions, to anticipate market shifts.

Frequently Asked Questions

How did Brazil - France trade perform in 2024 Q4?

Brazil's exports to France totaled $678.10M, showing a sharp YoY decline, while imports from France reached $1.59B, with strong YoY growth in October and December.

What are the top exports from Brazil to France?

The top exports are HS Code 23 (Residues and waste from the food industries), HS Code 27 (mineral fuels), and HS Code 09 (coffee, tea, and spices), accounting for 49.41% of total exports.

What does Brazil import from France?

Brazil primarily imports HS Code 84 (Nuclear reactors, boilers, machinery), which makes up 30.95% of total imports, reflecting a dependency on high-tech industrial equipment.

What is the trade balance between Brazil and France?

Brazil recorded a trade deficit of $911.90M with France, as imports ($1.59B) more than doubled exports ($678.10M), widening compared to Q4 2023 trends.