Brazil - Singapore Trade 2023 Q2: $2.38B Surplus

Key Market Takeaways: Brazil - Singapore Trade

The bilateral trade relationship between Brazil and Singapore is marked by Brazil's dominant export position and volatile growth in Q2 2023.

• Brazil runs a $2.38B surplus, exporting $2.64B (mostly mineral fuels) while importing just $256.55M (organic chemicals and tech goods).
• Brazil - Singapore trade statistics reveal a classic resource-for-tech exchange: Brazil supplies 73% of exports as mineral fuels, while Singapore ships high-value chemicals and machinery.
• Highly complementary but imbalanced: Singapore refines Brazil’s raw materials, but the relationship lacks diversification beyond bulk commodities.

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

Brazil-Singapore Trade Trend in Q2 2023

Brazil Export Performance: Shipments to Singapore

• Total Volume: Brazil exported $2.64B worth of goods to Singapore in Q2 2023.
• Growth Trend & Context:
  • Exports surged 225.67% YoY in May, but the quarter ended with a slight -0.79% YoY contraction in June.
  • No specific trade news explains the extreme May spike or June dip.
• Key Volatility: May saw a 120.31% MoM surge, while June dropped -19.53% MoM.

Brazil Import Performance: Sourcing from Singapore

• Total Volume: Brazil imported $256.55M from Singapore in Q2 2023.
• Growth Trend & Context:
  • Imports started strong (43.55% YoY growth in April) but fell -8.71% YoY by June.
  • No news context to explain the decline.
• Key Volatility: April imports dropped -41.21% MoM, while May saw a minor 1.2% MoM recovery.

Brazil - Singapore Trade Balance & Market Dynamics

• Net Position: Brazil recorded a trade surplus of $2.38B (Exports: $2.64B vs. Imports: $256.55M).
• Relationship Status: Brazil is a dominant net exporter to Singapore, with exports 10x higher than imports.

Brazil Import Trend from Singapore 2023 Q2 (Source: yTrade)**

Brazil Export Trend to Singapore 2023 Q2 (Source: yTrade)**

Get Historical Brazil Singapore Trade Records

Brazil-Singapore Top Trading Products in Q2 2023

Brazil Export Profile: What Does Brazil Sell to Singapore

• Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils, distillation products) at 73.30% of total exports.
• Demand Driver: Singapore uses these for industrial processing and energy needs, likely refining or re-exporting.
• Concentration: Extreme dominance by HS 27 (>50%), indicating a high reliance on a single commodity.

Brazil Import Profile: What Does Brazil Buy from Singapore

• Top Commodity: Rank #1 import is HS 29 (Organic chemicals) at 23.95% of total imports.
• Dependency Nature: Critical technology dependency, as HS 29 includes pharmaceuticals and industrial chemicals.

Brazil - Singapore Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Brazil exports raw materials (mineral fuels) and imports high-value chemicals and machinery.
• Value Chain Position: Singapore holds the higher value-add position, supplying advanced chemicals (HS 29, 30) and machinery (HS 84, 85), while Brazil provides bulk commodities.

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

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

Check Detailed Brazil-Singapore Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Brazil’s trade surplus with Singapore is expected to hold steady in Q3 2023, driven by sustained demand for mineral fuels (HS 27) as Singapore’s refining and re-export hub remains active. However, volatility in monthly export figures signals potential supply chain disruptions or pricing fluctuations, requiring close monitoring. On the import side, Brazil’s reliance on Singaporean organic chemicals (HS 29) will likely persist, but the recent dip suggests buyers should prepare for tighter supply conditions. Over the next year, Brazil must diversify its export basket beyond HS 27 to mitigate commodity-driven risks, while Singaporean exporters of high-value tech and chemicals should capitalize on Brazil’s growing industrial demand.

Strategic Moves

• Lock in Fuel Supply Contracts: Brazilian exporters of mineral fuels should secure long-term agreements with Singaporean refiners to stabilize revenue amid volatile monthly shipments.
• Diversify Export Offerings: Brazil must reduce over-reliance on HS 27 by promoting secondary exports like agricultural machinery (HS 84) or processed foods (HS 16–24) to Singapore’s affluent consumer market.
• Strengthen Chemical Procurement Channels: Brazilian importers of organic chemicals (HS 29) should negotiate bulk purchase deals or explore alternative suppliers in South Korea or India to hedge against supply shocks.

Frequently Asked Questions

How did Brazil - Singapore trade perform in 2023 Q2?

Brazil exported $2.64B to Singapore but saw a slight -0.79% YoY contraction in June, while imports fell -8.71% YoY to $256.55M.

What are the top exports from Brazil to Singapore?

HS 27 (Mineral fuels, oils, distillation products) dominated, accounting for 73.30% of Brazil’s exports to Singapore.

What does Brazil import from Singapore?

HS 29 (Organic chemicals) was the top import, making up 23.95% of Brazil’s purchases from Singapore.

What is the trade balance between Brazil and Singapore?

Brazil had a trade surplus of $2.38B, with exports 10x higher than imports.