Brazil - Spain Trade 2024 Whole Year: $5.78B Surplus
Key Market Takeaways: Brazil - Spain Trade
The bilateral trade relationship between Brazil and Spain is marked by extreme volatility but strong Brazilian export dominance in 2024.
- Economic Pulse: Brazil posted a $5.78B trade surplus with Spain ($9.94B exports vs. $4.16B imports), though both flows saw erratic monthly swings—exports spiked 174% YoY in April before sharp contractions.
- Exchange Structure: Brazil - Spain trade statistics reveal a resource-for-tech dynamic: Brazil supplies 50% of Spain’s mineral fuel imports, while Spain exports pharmaceuticals and machinery (20% of Brazil’s inbound shipments).
- Strategic Interdependence: Highly complementary but asymmetric—Brazil’s commodity reliance contrasts with Spain’s value-add industrial exports, creating mutual but uneven dependency.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Brazil-Spain Trade Trend in Whole Year 2024
Brazil Export Performance: Shipments to Spain
- Total Volume: Brazil exported $9.94B worth of goods to Spain in 2024.
- Growth Trend & Context:
- Exports showed extreme volatility, with YoY swings ranging from -42.04% (March) to +174.18% (April).
- The April surge (+69.65% MoM, +174.18% YoY) and May’s sustained high (+34.91% MoM, +122.23% YoY) were standout periods, while June and September saw sharp contractions (-57.36% and -34.23% MoM, respectively).
- Key Volatility: April was the peak month ($1.15B), while December recorded the steepest YoY decline (-26.5%).
Brazil Import Performance: Sourcing from Spain
- Total Volume: Brazil imported $4.16B from Spain in 2024.
- Growth Trend & Context:
- Imports were inconsistent, with YoY declines in 7 of 12 months, including a -38.59% drop in March.
- May ($468.29M, +50.03% MoM, +18.13% YoY) and July ($429.76M, +44.41% MoM, +19.79% YoY) were recovery months, but overall demand weakened.
- Key Volatility: May had the highest monthly value, while March saw the deepest YoY contraction (-38.59%).
Brazil - Spain Trade Balance & Market Dynamics
- Net Position: Brazil ran a trade surplus of $5.78B (Exports $9.94B > Imports $4.16B).
- Relationship Status: Brazil is a net exporter to Spain, with exports more than double imports. The surplus reflects strong outbound trade despite erratic monthly performance.
Brazil Import Trend from Spain 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 347.38M | 12.27% | 11.52% |
| Feb | 350.50M | 0.9% | -13.46% |
| Mar | 264.20M | -24.62% | -38.59% |
| Apr | 312.13M | 18.14% | -12.43% |
| May | 468.29M | 50.03% | 18.13% |
| Jun | 297.59M | -36.45% | -15.56% |
| Jul | 429.76M | 44.41% | 19.79% |
| Aug | 398.58M | -7.26% | 26.04% |
| Sep | 326.33M | -18.13% | -3.82% |
| Oct | 358.02M | 9.71% | 22.67% |
| Nov | 302.83M | -15.41% | -8.75% |
| Dec | 306.81M | 1.31% | -0.84% |
| Total | 4.16B | - | - |
Brazil Export Trend to Spain 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 440.52M | -41.22% | -33.99% |
| Feb | 616.92M | 40.04% | 20.3% |
| Mar | 677.04M | 9.75% | -42.04% |
| Apr | 1.15B | 69.65% | 174.18% |
| May | 1.55B | 34.91% | 122.23% |
| Jun | 660.75M | -57.36% | 52.91% |
| Jul | 868.06M | 31.38% | 51.82% |
| Aug | 971.15M | 11.88% | 11.36% |
| Sep | 638.69M | -34.23% | -20.5% |
| Oct | 993.71M | 55.59% | 64.17% |
| Nov | 821.00M | -17.38% | 133.71% |
| Dec | 550.83M | -32.91% | -26.5% |
| Total | 9.94B | - | - |
Get Historical Brazil Spain Trade Records
Brazil-Spain Top Trading Products in Whole Year 2024
Brazil Export Profile: What Does Brazil Sell to Spain
- Top Commodity: Rank #1 export is HS Code 27 (Mineral fuels, oils, distillation products) at 50.28% of total exports to Spain.
- Demand Driver: Spain uses these for industrial processing and energy needs, reflecting Brazil's role as a key supplier of raw materials.
- Concentration: Trade is highly concentrated, with HS Code 27 alone accounting for over 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 20.03% of total imports from Spain.
- Dependency Nature: Imports include pharmaceuticals (HS 30), machinery (HS 84), and chemicals (HS 29), indicating a critical technology and industrial input dependency.
Brazil - Spain Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Brazil supplies Spain with raw materials (fuels, agricultural products), while Spain provides high-value industrial goods (pharmaceuticals, machinery).
- Value Chain Position: Spain holds the higher value-add position, exporting advanced manufactured goods, while Brazil primarily supplies commodities.
Import Analysis by Product: Spain to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 833.82M | 20.03% |
| 30 | 464.22M | 11.15% |
| 84 | 462.29M | 11.11% |
| 29 | 336.49M | 8.08% |
| 39 | 169.62M | 4.08% |
| 31 | 162.07M | 3.89% |
| 87 | 154.60M | 3.71% |
| 38 | 153.24M | 3.68% |
| 85 | 139.08M | 3.34% |
| 28 | 132.32M | 3.18% |
Export Analysis by Product: Brazil to Spain (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 5.00B | 50.28% |
| 12 | 1.81B | 18.21% |
| 26 | 574.01M | 5.78% |
| 23 | 533.08M | 5.36% |
| 09 | 370.86M | 3.73% |
| 88 | 205.41M | 2.07% |
| 10 | 179.51M | 1.81% |
| 47 | 150.05M | 1.51% |
| 02 | 145.08M | 1.46% |
| 08 | 136.72M | 1.38% |
Check Detailed Brazil-Spain Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Brazil-Spain trade relationship is poised for continued volatility in 2025, driven by fluctuating commodity demand and Spain’s reliance on Brazilian raw materials. While Brazil’s export surplus will likely persist, the extreme monthly swings in trade volumes demand caution—traders should prepare for both supply chain disruptions and sudden demand spikes, particularly in mineral fuels (HS 27). Spain’s need for energy and Brazil’s dependence on high-value industrial imports will sustain the resource-for-tech exchange, but exporters must brace for tighter margins amid global price instability.
Strategic Moves
- Lock in Long-Term Fuel Contracts: Brazilian energy exporters should secure fixed-price agreements with Spanish buyers to mitigate volatility, especially ahead of peak demand cycles.
- Diversify Import Sources: Brazilian manufacturers reliant on Spanish machinery (HS 84) and pharmaceuticals (HS 30) must identify alternative suppliers in the EU to reduce dependency risks.
- Monitor Spanish Industrial Policy: Traders should track Spain’s energy transition plans, as shifts toward renewables could abruptly alter demand for Brazilian oil exports. Adjust portfolios now to align with future regulatory changes.
Frequently Asked Questions
How did Brazil - Spain trade perform in 2024 Whole Year?
Brazil exported $9.94B to Spain and imported $4.16B, with extreme volatility in monthly growth rates but an overall trade surplus of $5.78B.
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 50.28% of total exports.
What does Brazil import from Spain?
Brazil’s top imports from Spain include HS Code 27 (Mineral fuels, oils, distillation products), pharmaceuticals (HS 30), machinery (HS 84), and chemicals (HS 29).
What is the trade balance between Brazil and Spain?
Brazil recorded a trade surplus of $5.78B with Spain in 2024, with exports more than double imports, reflecting a strong net exporter position.
Brazil - Spain Trade 2023 Q4: Volatile Energy Exchange
Brazil's trade surplus with Spain hit $776.88M in Q4 2023, fueled by mineral fuels. Explore Brazil-Spain trade trends and top trading products via yTrade data.
Brazil - Spain Trade 2024 Q1: Energy-Driven Surplus
Brazil's $768.93M trade surplus with Spain in Q1 2024 highlights their energy-focused exchange, dominated by mineral fuels. Explore Brazil-Spain trade trends & top products via yTrade data.
