Brazil - Spain Trade 2023 Q4: Volatile Energy Exchange

Key Market Takeaways: Brazil - Spain Trade

The bilateral trade relationship between Brazil and Spain showed volatility with no clear growth trend in Q4 2023.

• Brazil held a $776.88M trade surplus, exporting $1.71B in goods (led by mineral fuels) while importing $933.12M from Spain.
• Brazil - Spain trade statistics reveal a resource-for-resource exchange, with energy products (HS Code 27) dominating both export and import flows, alongside Spain’s higher-value machinery and pharmaceuticals.
• The partnership reflects complementary energy-sector ties, though Brazil’s exports skew raw-material heavy compared to Spain’s processed goods.

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

Brazil-Spain Trade Trend in Q4 2023

Brazil Export Performance: Shipments to Spain

• Total Volume: $1.71B in Q4 2023.
• Growth Trend & Context:
  • YoY swings were sharp: -13.31% in October, -57.43% in November, then +6.56% in December. No clear trend, suggesting volatility.
  • No relevant trade news to explain the fluctuations.
• Key Volatility: December saw a 113.33% MoM surge after November's -41.96% collapse.

Brazil Import Performance: Sourcing from Spain

• Total Volume: $933.12M in Q4 2023.
• Growth Trend & Context:
  • YoY was mixed: -8.86% in October, +18.51% in November, -18.82% in December. No consistent direction.
• Key Volatility: November was the peak month (18.51% YoY growth), while December had the steepest decline (-18.82% YoY).

Brazil - Spain Trade Balance & Market Dynamics

• Net Position: Brazil had a trade surplus of $776.88M (Exports $1.71B > Imports $933.12M).
• Relationship Status: Brazil is a net exporter to Spain, but Q4 trade flows were erratic on both sides.

Brazil Import Trend from Spain 2023 Q4 (Source: yTrade)**

Brazil Export Trend to Spain 2023 Q4 (Source: yTrade)**

Get Historical Brazil Spain Trade Records

Brazil-Spain Top Trading Products in Q4 2023

Brazil Export Profile: What Does Brazil Sell to Spain

• Top Commodity: Rank #1 Export is HS Code 27 (Mineral Fuels, Oils, etc.) with a 43.95% share.
• Demand Driver: Spain uses these for energy needs and industrial processing.
• 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, etc.) with an 18.02% share.
• Dependency Nature: Reflects energy trade flows, likely refined products or niche fuel types not produced domestically.

Brazil - Spain Trade Relationship Dynamics

• The Exchange Model: Resource-for-Resource Trade, with both sides exchanging energy products (HS Code 27 dominates both lists). Suggests a mix of complementary and intra-industry trade in the energy sector.
• Value Chain Position: Spain likely holds a higher value-add position, as its exports include machinery (HS Code 84) and pharmaceuticals (HS Code 30), while Brazil’s exports are more raw-material heavy.

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 expected to remain volatile in the near term, given the erratic YoY swings in Q4 2023. While Brazil maintains a trade surplus, the lack of a clear growth trend in both exports and imports suggests underlying instability, likely tied to fluctuating energy demand and global price shifts. However, the dominance of HS Code 27 (Mineral Fuels) in bilateral trade indicates a resilient, albeit narrow, foundation. If energy markets stabilize, trade volumes could rebound—but exporters must prepare for continued unpredictability.

Strategic Moves for Traders

• Diversify Export Composition: Brazil’s overreliance on HS Code 27 exposes it to commodity price shocks. Exporters should aggressively market secondary sectors like agriculture (HS Codes 12, 20) or manufactured goods to reduce volatility risk.
• Lock in Energy Contracts: Given the bidirectional flow of mineral fuels, traders should secure fixed-price agreements to mitigate price swings, especially if Spain’s demand for Brazilian crude remains steady.
• Optimize Supply Chain Agility: With YoY trade swings exceeding 50% in some months, importers and exporters must adopt dynamic inventory strategies, such as just-in-time (JIT) systems, to avoid overstocking during demand troughs.

Act now—volatility demands proactive adaptation.

Frequently Asked Questions

How did Brazil - Spain trade perform in 2023 Q4?

Brazil's exports to Spain totaled $1.71B, with volatile YoY swings (-13.31% to +6.56%), while imports from Spain reached $933.12M, showing mixed growth (-8.86% to +18.51%).

What are the top exports from Brazil to Spain?

Mineral Fuels, Oils, etc. (HS Code 27) dominated Brazil’s exports to Spain, accounting for 43.95% of total shipments.

What does Brazil import from Spain?

Brazil’s top import from Spain was also Mineral Fuels, Oils, etc. (HS Code 27), representing 18.02% of imports, alongside machinery (HS Code 84) and pharmaceuticals (HS Code 30).

What is the trade balance between Brazil and Spain?

Brazil recorded a trade surplus of $776.88M with Spain in Q4 2023, driven by higher exports ($1.71B) than imports ($933.12M).