Brazil - Spain Trade 2023 Whole Year: $3.65B Surplus

Key Market Takeaways: Brazil - Spain Trade

The bilateral trade relationship between Brazil and Spain is marked by growth, volatility, and a dominant trade surplus for Brazil in 2023.

• Economic Pulse: Brazil posted a $3.65B trade surplus with Spain ($7.85B exports vs. $4.20B imports), though both flows showed sharp monthly swings—exports surged 61% in January but plummeted 57% in November.
• Exchange Structure: Brazil - Spain trade statistics reveal a resource-for-tech dynamic: Brazil supplies mineral fuels (41.7% of exports) and agricultural goods, while Spain ships refined fuels, machinery, and pharmaceuticals (25.4% of imports).
• Strategic Interdependence: The partnership is highly complementary, with Brazil as a raw material supplier and Spain holding the higher value-add position in industrial and tech exports.

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

Brazil-Spain Trade Trend in Whole Year 2023

Brazil Export Performance: Shipments to Spain

• Total Volume: $7.85B in 2023.
• Growth Trend & Context:
  • Volatile YoY performance, with sharp swings: +61.02% in January, -57.43% in November.
  • March saw the highest monthly exports ($1.17B, +127.8% MoM), while June recorded the steepest drop (-64.54% YoY).
• Key Volatility: December rebounded (+113.33% MoM) after November’s collapse.

Brazil Import Performance: Sourcing from Spain

• Total Volume: $4.20B in 2023.
• Growth Trend & Context:
  • Mixed YoY trends: Strong start (+58.6% in February), but persistent declines from July onward (worst: -18.82% YoY in December).
• Key Volatility: February peaked ($405.01M, +30.02% MoM), while October hit the lowest monthly value ($291.84M).

Brazil - Spain Trade Balance & Market Dynamics

• Net Position: Trade surplus of $3.65B (Exports $7.85B > Imports $4.20B).
• Relationship Status: Brazil maintains a dominant net exporter role, though import volatility suggests shifting demand or supply constraints.

Brazil Import Trend from Spain 2023 Whole Year (Source: yTrade)**

Brazil Export Trend to Spain 2023 Whole Year (Source: yTrade)**

Get Historical Brazil Spain Trade Records

Brazil-Spain Top Trading Products in Whole Year 2023

Brazil Export Profile: What Does Brazil Sell to Spain

• Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils) at 41.65% of total exports to Spain.
• Demand Driver: Spain relies on Brazil for raw materials like oil and agricultural feedstocks (HS 12, 23, 10) for industrial and food processing.
• Concentration: Trade is highly concentrated, with HS 27 alone accounting for over 40% of exports.

Brazil Import Profile: What Does Brazil Buy from Spain

• Top Commodity: Rank #1 import is HS 27 (Mineral fuels, oils) at 25.35%, followed by machinery (HS 84) and pharmaceuticals (HS 30).
• Dependency Nature: Brazil imports refined fuels and high-value industrial goods (machinery, chemicals) from Spain, indicating a technology and energy dependency.

Brazil - Spain Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Brazil supplies raw materials (fuels, crops) while Spain exports processed fuels and industrial goods.
• Value Chain Position: Spain holds the higher value-add position, with machinery and pharmaceuticals dominating imports, while Brazil’s exports are primarily commodities.

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

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

Check Detailed Brazil-Spain Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast for Brazil-Spain Trade

The Brazil-Spain trade relationship is poised for moderate growth in 2024, driven by sustained demand for Brazilian mineral fuels (HS 27) and agricultural commodities. However, volatility in monthly exports and declining imports from Spain signal potential supply chain disruptions or shifting demand patterns. The trade surplus will likely persist, but exporters must prepare for price fluctuations in key commodities. Spain’s reliance on Brazilian raw materials and Brazil’s dependence on Spanish high-value goods reinforce a stable, albeit uneven, complementary trade dynamic.

Strategic Moves for Traders & Policymakers

• Lock in Long-Term Supply Contracts: Brazilian fuel and agricultural exporters should secure fixed-term agreements with Spanish buyers to mitigate price volatility and ensure stable revenue streams.
• Diversify Import Sources for Critical Goods: Brazil’s reliance on Spanish machinery and pharmaceuticals calls for exploring alternative suppliers in the EU or Asia to reduce dependency risks.
• Invest in Trade Finance Tools: Given the sharp monthly swings in export volumes, traders should use hedging instruments to manage currency and commodity price risks, especially in the mineral fuels sector.

Frequently Asked Questions

How did Brazil - Spain trade perform in 2023 Whole Year?

Brazil exported $7.85B to Spain and imported $4.20B, with volatile growth trends in exports and mixed performance in imports.

What are the top exports from Brazil to Spain?

Mineral fuels, oils (HS 27) dominated, accounting for 41.65% of Brazil’s exports to Spain, followed by agricultural feedstocks (HS 12, 23, 10).

What does Brazil import from Spain?

Top imports include mineral fuels, oils (HS 27) at 25.35%, machinery (HS 84), and pharmaceuticals (HS 30), reflecting a technology and energy dependency.

What is the trade balance between Brazil and Spain?

Brazil recorded a trade surplus of $3.65B in 2023, maintaining its dominant net exporter role despite import volatility.