Brazil - Singapore Trade 2024 Q1: Resource-Tech Surge
Key Market Takeaways: Brazil - Singapore Trade
The bilateral trade relationship between Brazil and Singapore surged with volatility in Q1 2024, marked by sharp swings in monthly export growth.
- Brazil holds a dominant $1.71B trade surplus, driven by $1.91B in exports (up 37.57% YoY peak) against $197.98M in imports (down -49.55% YoY low).
- Brazil - Singapore trade statistics reveal a resource-for-tech exchange: Brazil supplies 77.56% mineral fuels (HS 27) while importing high-value machinery/electronics (HS 85, 84, 90).
- Highly complementary but asymmetric: Singapore secures raw materials for processing, while Brazil depends on its partner’s advanced manufacturing output.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Brazil-Singapore Trade Trend in Q1 2024
Brazil Export Performance: Shipments to Singapore
- Total Volume: Brazil exported $1.91B worth of goods to Singapore in Q1 2024.
- Growth Trend & Context:
- Exports surged 37.57% YoY in January but plummeted -47.89% YoY in February, rebounding to 26.23% YoY growth in March.
- No specific trade news or policy changes were cited to explain these swings.
- Key Volatility: February saw a sharp -69.46% MoM drop, while January posted a 160.54% MoM spike.
Brazil Import Performance: Sourcing from Singapore
- Total Volume: Brazil imported $197.98M from Singapore in Q1 2024.
- Growth Trend & Context:
- Imports grew 19.11% YoY in January but fell -3.75% YoY in February and -49.55% YoY in March.
- Key Volatility: March recorded the steepest YoY decline (-49.55%), while January had the highest MoM jump (36.49%).
Brazil - Singapore Trade Balance & Market Dynamics
- Net Position: Brazil holds a trade surplus of $1.71B ($1.91B exports - $197.98M imports) with Singapore.
- Relationship Status: Brazil is a dominant net exporter, with exports nearly 10x the value of imports.
Brazil Import Trend from Singapore 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 68.22M | 31.47% | 19.11% |
| Feb | 54.87M | -19.56% | -3.75% |
| Mar | 74.89M | 36.49% | -49.55% |
| Total | 197.98M | - | - |
Brazil Export Trend to Singapore 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.08B | 160.54% | 37.57% |
| Feb | 329.41M | -69.46% | -47.89% |
| Mar | 504.82M | 53.25% | 26.23% |
| Total | 1.91B | - | - |
Get Historical Brazil Singapore Trade Records
Brazil-Singapore Top Trading Products in Q1 2024
Brazil Export Profile: What Does Brazil Sell to Singapore
- Top Commodity: Rank #1 export is HS 27 (Mineral Fuels, Oils) at 77.56% of total exports to Singapore.
- Demand Driver: Singapore uses these for industrial processing, likely refining or re-export.
- Concentration: Trade is heavily dominated by HS 27, indicating high reliance on a single commodity.
Brazil Import Profile: What Does Brazil Buy from Singapore
- Top Commodity: Rank #1 import is HS 85 (Electrical Machinery) at 30.26% of total imports from Singapore.
- Dependency Nature: Critical technology dependency, as HS 84 (Machinery) and HS 90 (Optical/Medical Instruments) also feature prominently.
Brazil - Singapore Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Brazil exports raw materials (mineral fuels) while importing high-tech goods (machinery, electronics).
- Value Chain Position: Singapore holds the higher value-add position, supplying advanced manufactured goods, while Brazil provides commodities.
Import Analysis by Product: Singapore to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 59.91M | 30.26% |
| 84 | 50.13M | 25.32% |
| 38 | 15.55M | 7.86% |
| 90 | 14.23M | 7.19% |
| 30 | 12.96M | 6.55% |
| 39 | 10.82M | 5.46% |
| 27 | 10.03M | 5.07% |
| 29 | 6.64M | 3.35% |
| 40 | 3.74M | 1.89% |
| 76 | 2.74M | 1.38% |
Export Analysis by Product: Brazil to Singapore (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.48B | 77.56% |
| 02 | 119.42M | 6.24% |
| 84 | 116.42M | 6.09% |
| 26 | 64.87M | 3.39% |
| 72 | 39.49M | 2.06% |
| 22 | 19.27M | 1.01% |
| 15 | 11.44M | 0.60% |
| 79 | 9.33M | 0.49% |
| 48 | 6.29M | 0.33% |
| 85 | 6.26M | 0.33% |
Check Detailed Brazil-Singapore Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Brazil’s trade with Singapore is expected to remain volatile in Q2 2024, driven by fluctuating demand for mineral fuels (HS 27) and Singapore’s tech-driven import profile. The rebound in March exports suggests resilience, but the sharp February drop highlights susceptibility to global commodity price swings. With Brazil’s surplus heavily reliant on a single export category, diversification will be critical to stabilizing growth. Traders should anticipate continued tech import demand from Singapore, particularly in machinery and electronics (HS 85, 84, 90), as Brazil’s industrial sector modernizes.
Strategic Moves
- Lock in Fuel Export Contracts: Given Singapore’s refining and re-export reliance on Brazilian mineral fuels, exporters should secure long-term agreements to mitigate price volatility and ensure steady revenue.
- Diversify Export Basket: Brazil must reduce over-dependence on HS 27 by promoting secondary exports like agricultural goods or processed minerals to Singapore’s niche markets.
- Boost Tech Imports Strategically: Brazilian manufacturers should prioritize high-value Singaporean machinery (HS 85) and medical equipment (HS 90) through targeted partnerships, leveraging Singapore’s innovation hubs for competitive advantage.
Frequently Asked Questions
How did Brazil - Singapore trade perform in 2024 Q1?
Brazil exported $1.91B to Singapore, with volatile YoY growth (37.57% in January, -47.89% in February, 26.23% in March), while imports totaled $197.98M, declining sharply in March (-49.55% YoY).
What are the top exports from Brazil to Singapore?
HS 27 (Mineral Fuels, Oils) dominated, accounting for 77.56% of Brazil’s exports to Singapore, primarily for industrial processing or re-export.
What does Brazil import from Singapore?
HS 85 (Electrical Machinery) led imports at 30.26%, followed by HS 84 (Machinery) and HS 90 (Optical/Medical Instruments), reflecting a tech-driven dependency.
What is the trade balance between Brazil and Singapore?
Brazil holds a $1.71B trade surplus with Singapore, exporting nearly 10x more than it imports, reinforcing its role as a net commodity exporter.
Brazil - Singapore Trade 2024 Whole Year: Resource-for-Tech Boom
Brazil's $7.07B surplus with Singapore highlights a resource-for-tech trade trend, fueled by mineral fuels and electrical machinery. Explore yTrade's latest data.
Brazil - Singapore Trade 2024 Q2: Resource-for-Tech Surge
Brazil's $1.88B trade surplus with Singapore highlights a resource-for-tech dynamic, with mineral fuels dominating exports. Explore Brazil-Singapore trade trends on yTrade.
