Top Brazil Exports 2023 Q3: Commodity Dominance

Brazil Export Portfolio Overview in 2023 Q3

• Mineral fuels (HS27, 17.17%) and oil seeds (HS12, 14.18%) dominate, reflecting Brazil’s dual role as an agricultural powerhouse and emerging energy exporter.
• High concentration risk: top three commodity sectors (fuels, oilseeds, ores) account for over 41% of total exports, leaving Brazil exposed to global price swings and demand shifts.
• This structure reinforces Brazil’s economic identity as a primary commodity supplier, with limited diversification into complex manufactured goods.

Table: Brazil Top Export Product in 2023 Q3 (Source: yTrade)

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Key Driver: Mineral Fuels, Mineral Oils and Products

• Crude petroleum oils (HS 2709) drive 78% of the sector’s value, confirming Brazil’s shift into a major crude exporter.
• Product type: raw material, indicating limited downstream refining capacity domestically.
• This dominance stems from Brazil’s deepwater pre-salt reserves and sustained investment in extraction tech, not low-cost labor.

Table: HS Code 27 Detailed Breakdown

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Key Driver: Oil Seeds and Oleaginous Fruits

• Soybeans (HS 1201) account for 98% of this sector’s exports, underscoring extreme product-level concentration.
• Acts as a complement to fuels—both are bulk commodities—but amplifies overall exposure to climate and trade policy risks.
• Strategic importance: Brazil’s scalable farmland and tropical climate give it a lasting edge in global soy supply chains.

Table: HS Code 12 Detailed Breakdown

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Key Driver: Ores, Slag and Ash

• Iron ores and concentrates (HS 2601) make up 88% of the sector, highlighting Brazil’s role as a critical supplier of steelmaking inputs.
• This is a stable legacy sector, reliant on high-quality reserves and established logistics networks.
• Its performance remains tied to global industrial cycles, particularly Chinese infrastructure and construction demand.

Table: HS Code 26 Detailed Breakdown

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Frequently Asked Questions

What is Brazil's largest export commodity in 2023 Q3?

The largest export category is Mineral fuels, mineral oils and products of their distillation (HS 27), valued at $15.13B. This sector is primarily driven by exports of Crude petroleum oils (HS 2709), which alone accounted for $11.83B (78.23%) of the total.

Which specific Mineral fuels products does Brazil export most in 2023 Q3?

Within the Mineral fuels sector, the top exports are Crude petroleum oils (HS 2709, $11.83B) and Petroleum oils (excluding crude) (HS 2710, $2.92B), which together account for 97.56% of the industry's total exports.

Does Brazil export Oil seeds and oleaginous fruits in 2023 Q3?

Yes. Oil seeds and oleaginous fruits (HS 12) is Brazil’s second-largest export sector, valued at $12.50B. The primary product is Soybeans (HS 1201), which contributed $12.23B (97.89%) of the total.

What are the main industries driving Brazil's economy?

Brazil’s economy is heavily reliant on its top three export sectors:

1. Mineral fuels (HS 27, $15.13B)
2. Oil seeds (HS 12, $12.50B)
3. Ores, slag, and ash (HS 26, $9.08B).
   These three industries alone account for 41.65% of total exports.

How to find Brazil Mineral fuels suppliers?

You can access a list of active suppliers and exporters for Mineral fuels (HS 27) using the yTrade database, which provides detailed shipment records and company contacts.