Brazil - Russia Trade 2023 Whole Year: Widening Deficit & Energy Reliance
Key Market Takeaways: Brazil - Russia Trade
The bilateral trade relationship between Brazil and Russia is marked by a widening deficit and volatile demand shifts in 2023.
- $9.77B Deficit Driven by Energy Imports: Brazil’s imports from Russia ($11.12B) dwarfed exports ($1.35B), with mineral fuels (HS 27) accounting for 56.78% of inbound shipments.
- Asymmetrical Exchange: Brazil - Russia trade statistics reveal a raw-for-processed dynamic—oil seeds (HS 12, 55% of exports) swapped for Russian energy and fertilizers (HS 31).
- One-Way Dependency: Brazil’s reliance on Russian fuel imports underscores fragile energy security, while its agricultural exports face erratic demand.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Brazil-Russia Trade Trend in Whole Year 2023
Brazil Export Performance: Shipments to Russia
- Total Volume: $1.35B in 2023.
- Growth Trend & Context:
- YoY declines dominated, with December (-73.57%) and February (-66.28%) as the steepest drops.
- No mitigating news to explain the contraction.
- Key Volatility: March saw a 113.06% MoM surge, while February and November posted sharp declines (-50.23% and -27% MoM, respectively).
Brazil Import Performance: Sourcing from Russia
- Total Volume: $11.12B in 2023.
- Growth Trend & Context:
- Mixed YoY performance: August (+55.16%) and December (+103.98%) spikes contrasted with May (-22.95%) and July (-23.3%) slumps.
- Key Volatility: August ($1.15B) and December ($1.68B) were peak months; July ($772.78M) was the lowest.
Brazil - Russia Trade Balance & Market Dynamics
- Net Position: Trade deficit of $9.77B (Imports $11.12B > Exports $1.35B).
- Relationship Status: Brazil remains heavily dependent on Russian imports, with exports failing to offset the imbalance.
Brazil Import Trend from Russia 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 540.72M | -34.37% | -6.8% |
| Feb | 609.75M | 12.77% | 13.79% |
| Mar | 823.44M | 35.04% | 34.36% |
| Apr | 801.56M | -2.66% | -4.86% |
| May | 867.96M | 8.28% | -22.95% |
| Jun | 893.04M | 2.89% | -3.99% |
| Jul | 772.78M | -13.47% | -23.3% |
| Aug | 1.15B | 49.43% | 55.16% |
| Sep | 1.14B | -1.67% | 161.69% |
| Oct | 925.02M | -18.54% | 80.44% |
| Nov | 919.43M | -0.6% | 91.69% |
| Dec | 1.68B | 82.78% | 103.98% |
| Total | 11.12B | - | - |
Brazil Export Trend to Russia 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 163.67M | -32.01% | -27.46% |
| Feb | 81.45M | -50.23% | -66.28% |
| Mar | 173.55M | 113.06% | 4.53% |
| Apr | 113.94M | -34.35% | 18.49% |
| May | 143.19M | 25.67% | 2.33% |
| Jun | 108.91M | -23.94% | -6.28% |
| Jul | 103.28M | -5.17% | -39.53% |
| Aug | 123.49M | 19.57% | 2.17% |
| Sep | 90.04M | -27.09% | -21.81% |
| Oct | 104.19M | 15.72% | -29.01% |
| Nov | 76.06M | -27.0% | -60.76% |
| Dec | 63.63M | -16.34% | -73.57% |
| Total | 1.35B | - | - |
Get Historical Brazil Russia Trade Records
Brazil-Russia Top Trading Products in Whole Year 2023
Brazil Export Profile: What Does Brazil Sell to Russia
- Top Commodity: Rank #1 export is HS Code 12 (Oil seeds and oleaginous fruits) at 55.00% of total exports to Russia.
- Demand Driver: Russia imports these for industrial processing, likely for oil extraction or animal feed production.
- Concentration: Trade is highly concentrated, with the top commodity alone accounting for over half of exports.
Brazil Import Profile: What Does Brazil Buy from Russia
- Top Commodity: Rank #1 import is HS Code 27 (Mineral fuels, oils, and distillation products) at 56.78% of total imports from Russia.
- Dependency Nature: Reflects energy security dependency, as Russia is a key supplier of fuel and oil products.
Brazil - Russia Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Brazil exports agricultural raw materials (HS 12, 02) while importing energy (HS 27) and fertilizers (HS 31).
- Value Chain Position: Russia holds the higher value-add position, supplying processed energy and chemicals, while Brazil provides primary agricultural goods.
Import Analysis by Product: Russia to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 6.32B | 56.78% |
| 31 | 3.97B | 35.69% |
| 10 | 271.60M | 2.44% |
| 72 | 205.51M | 1.85% |
| 28 | 104.77M | 0.94% |
| 40 | 64.72M | 0.58% |
| 85 | 39.70M | 0.36% |
| 75 | 38.09M | 0.34% |
| 84 | 31.85M | 0.29% |
| 25 | 23.83M | 0.21% |
Export Analysis by Product: Brazil to Russia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 12 | 739.98M | 55.00% |
| 02 | 305.61M | 22.72% |
| 09 | 131.61M | 9.78% |
| 84 | 43.55M | 3.24% |
| 17 | 35.77M | 2.66% |
| 21 | 13.45M | 1.00% |
| 35 | 13.45M | 1.00% |
| 90 | 9.87M | 0.73% |
| 05 | 6.83M | 0.51% |
| 82 | 6.45M | 0.48% |
Check Detailed Brazil-Russia Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Brazil-Russia trade relationship is expected to remain volatile in 2024, with Brazil’s widening trade deficit ($9.77B in 2023) signaling persistent structural imbalances. Russia’s dominance in energy (HS 27) and Brazil’s reliance on agricultural exports (HS 12) will sustain the resource-for-tech exchange, but geopolitical tensions and price fluctuations may disrupt flows. Exporters should brace for further YoY declines unless Brazil diversifies its export basket or secures new demand drivers. Meanwhile, importers must prepare for potential supply shocks in Russian energy and fertilizer shipments.
Strategic Moves
- Diversify Export Markets: Brazilian agribusinesses must reduce dependence on Russia by targeting alternative buyers in Asia and the Middle East for oilseeds (HS 12) to mitigate revenue volatility.
- Lock in Energy Contracts: Importers of Russian mineral fuels (HS 27) should negotiate long-term supply agreements to hedge against price spikes and logistical disruptions.
- Boost Value-Added Exports: Brazil should incentivize processed agricultural goods (e.g., refined oils) over raw commodities to improve trade terms and reduce the deficit.
Frequently Asked Questions
How did Brazil - Russia trade perform in 2023 Whole Year?
Brazil's exports to Russia totaled $1.35B in 2023, with significant YoY declines, while imports from Russia reached $11.12B, showing mixed growth trends.
What are the top exports from Brazil to Russia?
The top export from Brazil to Russia is HS Code 12 (Oil seeds and oleaginous fruits), accounting for 55.00% of total exports.
What does Brazil import from Russia?
Brazil's top import from Russia is HS Code 27 (Mineral fuels, oils, and distillation products), making up 56.78% of total imports.
What is the trade balance between Brazil and Russia?
Brazil recorded a trade deficit of $9.77B with Russia in 2023, driven by higher imports ($11.12B) than exports ($1.35B).
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