Brazil - Spain Trade 2023 Q1: $1.2B Surplus
Key Market Takeaways: Brazil - Spain Trade
The bilateral trade relationship between Brazil and Spain shows strong growth and volatility in Q1 2023.
- Brazil holds a $1.2B trade surplus, with exports ($2.35B) nearly doubling imports ($1.15B), driven by robust YoY growth despite monthly fluctuations.
- Brazil - Spain trade statistics reveal a resource-for-tech exchange: Brazil supplies mineral fuels (48.96% of exports) while importing refined petroleum and machinery (33.77% of imports).
- Highly complementary economies, with Spain adding value through processed goods and Brazil leveraging raw material exports.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Brazil-Spain Trade Trend in Q1 2023
Brazil Export Performance: Shipments to Spain
- Total Volume: $2.35B in Q1 2023.
- Growth Trend & Context:
- YoY growth was strong in January (+61.02%) and March (+47.09%), but February saw a sharp decline (-14.88%).
- No specific trade news or policy changes were reported to explain these fluctuations.
- Key Volatility: March recorded a massive MoM surge (+127.8%), while February had a significant drop (-23.15%).
Brazil Import Performance: Sourcing from Spain
- Total Volume: $1.15B in Q1 2023.
- Growth Trend & Context:
- YoY growth was consistently positive, peaking in February (+58.6%) and remaining robust in March (+31.22%).
- Key Volatility: February saw the highest MoM jump (+30.02%), while January had the steepest decline (-18.27%).
Brazil - Spain Trade Balance & Market Dynamics
- Net Position: Brazil holds a trade surplus of $1.2B (Exports $2.35B vs. Imports $1.15B).
- Relationship Status: Brazil is a net exporter to Spain, with exports nearly doubling imports in Q1.
Brazil Import Trend from Spain 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 311.50M | -18.27% | 19.79% |
| Feb | 405.01M | 30.02% | 58.6% |
| Mar | 430.24M | 6.23% | 31.22% |
| Total | 1.15B | - | - |
Brazil Export Trend to Spain 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 667.34M | -5.11% | 61.02% |
| Feb | 512.82M | -23.15% | -14.88% |
| Mar | 1.17B | 127.8% | 47.09% |
| Total | 2.35B | - | - |
Get Historical Brazil Spain Trade Records
Brazil-Spain Top Trading Products in Q1 2023
Brazil Export Profile: What Does Brazil Sell to Spain
- Top Commodity: Rank #1 export is HS Code 27 (Mineral fuels, oils, distillation products) at 48.96% of total exports to Spain.
- Demand Driver: Spain uses these for industrial processing and energy needs.
- Concentration: Trade is highly concentrated, with HS Code 27 alone accounting for nearly half of exports.
Brazil Import Profile: What Does Brazil Buy from Spain
- Top Commodity: Rank #1 import is HS Code 27 (Mineral fuels, oils, distillation products) at 33.77% of total imports from Spain.
- Dependency Nature: Energy security dependency, as Brazil imports refined petroleum products from Spain.
Brazil - Spain Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Brazil exports raw materials (mineral fuels, oilseeds) and imports refined petroleum and machinery (HS Codes 84, 85) from Spain.
- Value Chain Position: Spain holds the higher value-add position, supplying processed goods (refined fuels, machinery) while Brazil provides raw materials.
Import Analysis by Product: Spain to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 387.27M | 33.77% |
| 84 | 123.94M | 10.81% |
| 73 | 67.78M | 5.91% |
| 30 | 63.47M | 5.53% |
| 29 | 54.93M | 4.79% |
| 85 | 54.72M | 4.77% |
| 28 | 40.39M | 3.52% |
| 39 | 36.45M | 3.18% |
| 87 | 31.84M | 2.78% |
| 38 | 31.61M | 2.76% |
Export Analysis by Product: Brazil to Spain (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 1.15B | 48.96% |
| 12 | 458.08M | 19.51% |
| 23 | 131.66M | 5.61% |
| 26 | 95.42M | 4.06% |
| 17 | 63.48M | 2.70% |
| 72 | 56.46M | 2.40% |
| 10 | 54.46M | 2.32% |
| 09 | 40.69M | 1.73% |
| 08 | 34.67M | 1.48% |
| 47 | 33.93M | 1.44% |
Check Detailed Brazil-Spain Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Brazil’s trade surplus with Spain is expected to widen in Q2 2023, driven by sustained demand for mineral fuels (HS Code 27) and Spain’s reliance on Brazilian raw materials. However, volatility in monthly export growth signals potential supply chain disruptions or pricing fluctuations, requiring proactive risk management. The complementary trade structure—Brazil’s resource exports for Spain’s refined goods—will likely deepen, but exporters must prepare for tighter EU sustainability regulations affecting energy trade.
Strategic Moves
- Lock in Long-Term Contracts: Brazilian fuel exporters should secure fixed-price agreements with Spanish buyers to mitigate volatility, especially ahead of peak summer energy demand.
- Diversify Export Mix: Reduce reliance on HS Code 27 by promoting secondary exports like agricultural machinery (HS Code 84) or processed foods, aligning with Spain’s tech-driven import profile.
- Monitor EU Regulatory Shifts: Anticipate stricter carbon tariffs on mineral fuels; Brazilian suppliers must accelerate certification for low-emission production to maintain market access.
Frequently Asked Questions
How did Brazil - Spain trade perform in 2023 Q1?
Brazil's exports to Spain totaled $2.35B in Q1 2023, with strong YoY growth in January and March but a sharp decline in February. Imports from Spain reached $1.15B, showing consistent YoY growth.
What are the top exports from Brazil to Spain?
The top export from Brazil to Spain is HS Code 27 (Mineral fuels, oils, distillation products), accounting for 48.96% of total exports.
What does Brazil import from Spain?
Brazil's top import from Spain is also HS Code 27 (Mineral fuels, oils, distillation products), making up 33.77% of total imports.
What is the trade balance between Brazil and Spain?
Brazil recorded a trade surplus of $1.2B with Spain in Q1 2023, with exports nearly doubling imports.
Brazil - Spain Trade 2023 Whole Year: $3.65B Surplus
Brazil's $3.65B trade surplus with Spain in 2023 highlights a resource-for-tech dynamic. Explore Brazil Spain trade trends and top trading products via yTrade data.
Brazil - Spain Trade 2023 Q2: Widening Deficit
Brazil's trade deficit with Spain hit $440M in Q2 2023 as exports plunged. Explore Brazil-Spain trade trends, top trading products, and insights from yTrade data.
