Brazil - Russia Trade 2024 Whole Year: $10.76B Deficit
Key Market Takeaways: Brazil - Russia Trade
The bilateral trade relationship between Brazil and Russia remains heavily skewed toward imports, with Brazil running a significant deficit in 2024.
- $13.66B Total Trade, $10.76B Deficit: Brazil’s imports from Russia ($12.21B) dwarf exports ($1.45B), despite volatile export growth (e.g., +106.62% YoY in October).
- Resource-for-Resource Exchange: Brazil - Russia trade statistics show Brazil supplying agricultural raw materials (86.11% top 3 exports) for Russian energy (58.80% of imports) and fertilizers.
- Asymmetric Dependency: Brazil relies on Russian critical inputs (fuels, chemicals), while Russia benefits from stable agricultural commodity flows.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Brazil-Russia Trade Trend in Whole Year 2024
Brazil Export Performance: Shipments to Russia
- Total Volume: $1.45B in 2024.
- Growth Trend & Context:
- Volatile YoY performance, ranging from -66.03% (Mar) to +106.62% (Oct). No clear directional trend, but strong recovery in Q4 (Oct: +106.62% YoY).
- Key Volatility: April saw a 198.86% MoM surge, while November plummeted -56.45% MoM.
Brazil Import Performance: Sourcing from Russia
- Total Volume: $12.21B in 2024.
- Growth Trend & Context:
- Mixed YoY trends: H1 saw robust growth (May: +41.68% YoY), but H2 contracted (Dec: -54.71% YoY).
- Key Volatility: May recorded the highest monthly value ($1.23B, +24.21% MoM), while August and September saw consecutive declines (-12.82% and -5.98% MoM).
Brazil - Russia Trade Balance & Market Dynamics
- Net Position: Trade Deficit of $10.76B (Imports $12.21B > Exports $1.45B).
- Relationship Status: Brazil remains heavily dependent on Russian imports, with exports failing to offset the deficit despite Q4 export recovery.
Brazil Import Trend from Russia 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 861.30M | -48.75% | 59.29% |
| Feb | 767.36M | -10.91% | 25.85% |
| Mar | 876.08M | 14.17% | 6.39% |
| Apr | 989.98M | 13.0% | 23.51% |
| May | 1.23B | 24.21% | 41.68% |
| Jun | 1.27B | 3.04% | 41.89% |
| Jul | 1.30B | 2.61% | 68.25% |
| Aug | 1.13B | -12.82% | -1.84% |
| Sep | 1.07B | -5.98% | -6.15% |
| Oct | 1.15B | 7.52% | 23.87% |
| Nov | 809.37M | -29.36% | -11.97% |
| Dec | 761.05M | -5.97% | -54.71% |
| Total | 12.21B | - | - |
Brazil Export Trend to Russia 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 68.34M | 7.4% | -58.24% |
| Feb | 41.29M | -39.59% | -49.31% |
| Mar | 58.96M | 42.81% | -66.03% |
| Apr | 176.20M | 198.86% | 54.65% |
| May | 149.50M | -15.16% | 4.4% |
| Jun | 101.92M | -31.82% | -6.42% |
| Jul | 148.59M | 45.79% | 43.87% |
| Aug | 139.27M | -6.27% | 12.78% |
| Sep | 155.80M | 11.87% | 73.04% |
| Oct | 215.27M | 38.17% | 106.62% |
| Nov | 93.75M | -56.45% | 23.26% |
| Dec | 101.36M | 8.13% | 59.3% |
| Total | 1.45B | - | - |
Get Historical Brazil Russia Trade Records
Brazil-Russia Top Trading Products in Whole Year 2024
Brazil Export Profile: What Does Brazil Sell to Russia
- Top Commodity: Rank #1 export is HS Code 12 (oil seeds and oleaginous fruits) with 39.82% share.
- Demand Driver: Russia likely uses these for industrial processing (e.g., vegetable oil production).
- Concentration: The top 3 exports (HS 12, 02, 09) account for 86.11% of total exports, indicating high reliance on agricultural commodities.
Brazil Import Profile: What Does Brazil Buy from Russia
- Top Commodity: Rank #1 import is HS Code 27 (mineral fuels, oils) with 58.80% share.
- Dependency Nature: Reflects energy security dependency, as Russia supplies over half of Brazil’s fuel imports.
Brazil - Russia Trade Relationship Dynamics
- The Exchange Model: Resource-for-Resource Complementarity. Brazil supplies agricultural goods (HS 12, 02, 09) in exchange for Russian energy (HS 27) and fertilizers (HS 31).
- Value Chain Position: Russia holds higher value-add in energy/chemicals (HS 27/31), while Brazil’s exports are lower-value raw agricultural products.
Import Analysis by Product: Russia to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 7.18B | 58.80% |
| 31 | 4.17B | 34.17% |
| 72 | 404.74M | 3.32% |
| 10 | 188.09M | 1.54% |
| 28 | 68.49M | 0.56% |
| 40 | 45.31M | 0.37% |
| 85 | 31.19M | 0.26% |
| 75 | 26.76M | 0.22% |
| 84 | 25.83M | 0.21% |
| 25 | 24.24M | 0.20% |
Export Analysis by Product: Brazil to Russia (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 12 | 577.51M | 39.82% |
| 02 | 404.30M | 27.88% |
| 09 | 267.03M | 18.41% |
| 21 | 53.85M | 3.71% |
| 24 | 34.24M | 2.36% |
| 17 | 26.72M | 1.84% |
| 84 | 19.68M | 1.36% |
| 90 | 11.27M | 0.78% |
| 05 | 10.23M | 0.71% |
| 30 | 6.19M | 0.43% |
Check Detailed Brazil-Russia Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast for Brazil-Russia Trade
The Brazil-Russia trade relationship is expected to remain volatile in 2025, driven by fluctuating commodity prices and geopolitical uncertainties. While Brazil’s Q4 2024 export recovery suggests potential for further growth in agricultural shipments (HS 12, 02, 09), Russia’s energy exports (HS 27) may face downward pressure due to global market shifts. The trade deficit will likely persist unless Brazil diversifies its export basket or secures alternative energy suppliers. Traders should prepare for sharp swings in demand and pricing, particularly in key commodities like oilseeds and mineral fuels.
Strategic Moves for Traders & Policymakers
- Diversify Energy Imports: Brazil must reduce reliance on Russian fuels (HS 27) by accelerating partnerships with other suppliers (e.g., Middle East, Africa) to mitigate supply chain risks.
- Value-Add to Agricultural Exports: Processors should invest in upgrading raw commodities (e.g., refining oilseeds into vegetable oils) to capture higher margins and reduce dependency on bulk shipments.
- Lock in Long-Term Contracts: Exporters of Brazilian agricultural goods should negotiate multi-year agreements with Russian buyers to stabilize revenue amid volatile demand cycles.
Frequently Asked Questions
How did Brazil - Russia trade perform in 2024 Whole Year?
Brazil exported $1.45B to Russia, with volatile growth, while imports totaled $12.21B, showing mixed trends (H1 growth, H2 contraction).
What are the top exports from Brazil to Russia?
Brazil’s top exports to Russia are HS Code 12 (oil seeds and oleaginous fruits), HS Code 02 (meat), and HS Code 09 (coffee and spices), accounting for 86.11% of total exports.
What does Brazil import from Russia?
Brazil’s top import from Russia is HS Code 27 (mineral fuels and oils), representing 58.80% of total imports, reflecting energy dependency.
What is the trade balance between Brazil and Russia?
Brazil recorded a trade deficit of $10.76B with Russia in 2024, driven by higher imports ($12.21B) than exports ($1.45B).
Brazil - Russia Trade 2023 Q4: Surging Deficit
Brazil's trade deficit with Russia hit $3.29B in Q4 2023, driven by soaring energy imports. Explore Brazil Russia trade trends & top trading products via yTrade data.
Brazil - Russia Trade 2024 Q1: Lopsided Energy Dependency
Brazil's Russia trade trend shows a $2.33B Q1 deficit, driven by mineral fuel imports. Meat and oilseeds dominate Brazil's exports, per yTrade data.
