Brazil - Spain Trade 2024 Q1: Energy-Driven Surplus
Key Market Takeaways: Brazil - Spain Trade
The bilateral trade relationship between Brazil and Spain shows growth amid volatility in Q1 2024.
- Brazil holds a $768.93M trade surplus, with exports ($1.73B) nearly doubling imports ($962.07M), though both flows saw sharp YoY declines in key months.
- Brazil - Spain trade statistics reveal a resource-for-resource exchange, dominated by HS Code 27 (mineral fuels/oils) on both sides, signaling mutual energy dependency rather than complementary trade.
- Strategic interdependence is limited, as trade revolves around raw energy products with minimal value-add differentiation.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Brazil-Spain Trade Trend in Q1 2024
Brazil Export Performance: Shipments to Spain
- Total Volume: $1.73B in Q1 2024.
- Growth Trend & Context:
- YoY performance was mixed, with January (-33.99%) and March (-42.04%) showing sharp declines, while February (+20.3%) rebounded.
- No specific trade news or policy changes were reported to explain these fluctuations.
- Key Volatility: February saw a 40.04% MoM surge, while January dropped 41.22% MoM.
Brazil Import Performance: Sourcing from Spain
- Total Volume: $962.07M in Q1 2024.
- Growth Trend & Context:
- YoY imports fell sharply in February (-13.46%) and March (-38.59%), with only January (+11.52%) showing growth.
- Key Volatility: March recorded the lowest value ($264.20M) and a steep 24.62% MoM drop.
Brazil - Spain Trade Balance & Market Dynamics
- Net Position: Brazil holds a trade surplus of $768.93M (Exports: $1.73B > Imports: $962.07M).
- Relationship Status: Brazil remains a net exporter to Spain, but import volatility suggests shifting demand or supply constraints.
Brazil Import Trend from Spain 2024 Q1 (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% |
| Total | 962.07M | - | - |
Brazil Export Trend to Spain 2024 Q1 (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% |
| Total | 1.73B | - | - |
Get Historical Brazil Spain Trade Records
Brazil-Spain Top Trading Products in Q1 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 47.66% 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 23.24% of total imports from Spain.
- Dependency Nature: Reflects energy security dependency, though less concentrated than exports.
Brazil - Spain Trade Relationship Dynamics
- The Exchange Model: Resource-for-Resource Trade—both sides exchange similar categories (HS Code 27 dominates both flows), suggesting a mutual energy supply relationship rather than complementary trade.
- Value Chain Position: Neither side clearly holds a higher value-add position, as trade revolves around raw or minimally processed energy products.
Import Analysis by Product: Spain to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 223.57M | 23.24% |
| 84 | 106.02M | 11.02% |
| 30 | 104.00M | 10.81% |
| 29 | 66.26M | 6.89% |
| 85 | 40.81M | 4.24% |
| 15 | 39.21M | 4.08% |
| 73 | 38.60M | 4.01% |
| 39 | 36.49M | 3.79% |
| 28 | 32.26M | 3.35% |
| 87 | 30.63M | 3.18% |
Export Analysis by Product: Brazil to Spain (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 826.73M | 47.66% |
| 12 | 356.93M | 20.58% |
| 23 | 92.45M | 5.33% |
| 26 | 66.48M | 3.83% |
| 09 | 46.63M | 2.69% |
| 08 | 44.23M | 2.55% |
| 72 | 42.01M | 2.42% |
| 02 | 31.92M | 1.84% |
| 47 | 29.89M | 1.72% |
| 29 | 27.52M | 1.59% |
Check Detailed Brazil-Spain Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Brazil-Spain trade relationship is likely to remain volatile in the near term, driven by fluctuating demand for mineral fuels (HS Code 27) and broader energy market instability. While Brazil’s trade surplus provides a buffer, the sharp YoY declines in both exports and imports signal potential headwinds, possibly tied to global energy price shifts or supply chain disruptions. Traders should anticipate continued unpredictability in Q2 2024, with Spain’s industrial demand for Brazilian fuels acting as the primary stabilizer. Diversification beyond energy trade will be critical to mitigating risk.
Strategic Moves
- Diversify Export Markets: Brazilian exporters must reduce reliance on Spain for HS Code 27 sales by targeting emerging EU markets with similar energy needs, such as Portugal or Italy, to cushion against demand shocks.
- Lock in Energy Contracts: Given the mutual dependency on mineral fuels, traders on both sides should negotiate long-term supply agreements to stabilize pricing and volume amid market volatility.
- Monitor Logistics Costs: With trade concentrated in bulk commodities, optimizing shipping routes and securing freight partnerships will be essential to maintaining margin competitiveness as fuel costs fluctuate.
Frequently Asked Questions
How did Brazil - Spain trade perform in 2024 Q1?
Brazil's exports to Spain totaled $1.73B in Q1 2024, with mixed YoY growth, while imports from Spain fell to $962.07M, resulting in a trade surplus for Brazil.
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 47.66% 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 23.24% of total imports.
What is the trade balance between Brazil and Spain?
Brazil recorded a trade surplus of $768.93M with Spain in Q1 2024, driven by higher exports of energy products.
Brazil - Spain Trade 2024 Whole Year: $5.78B Surplus
Brazil's $5.78B trade surplus with Spain in 2024 highlights a resource-for-tech dynamic, with yTrade data revealing volatile but complementary Brazil Spain trade trends.
Brazil - Spain Trade 2025 Q1: $1.08B Surge
Brazil Spain trade trend shows a $1.08B surplus, fueled by mineral fuels exports and pharmaceuticals imports. Explore Brazil Spain top trading product insights via yTrade.
