Top Brazil Exports 2024 Q1: Commodity Dominance

Brazil Export Portfolio Overview in 2024 Q1

• Dominated by mineral fuels (HS 27, 18.2%) and oil seeds (HS 12, 12.7%), reflecting heavy reliance on extractive and agricultural commodities.
• High concentration risk: Top three sectors (fuels, oil seeds, ores) account for over 42% of total exports, exposing Brazil to global commodity price volatility.
• This structure reinforces Brazil's role as a global supplier of raw materials, not a value-added manufacturing hub.

Table: Brazil Top Export Product in 2024 Q1 (Source: yTrade)

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Key Driver: Mineral Fuels, Mineral Oils and Products

• Driven overwhelmingly by crude petroleum oils (HS 2709, 79.3% of sector value).
• Product type: Raw material, exported for refining elsewhere.
• Insight: Brazil leverages extensive offshore reserves (e.g., pre-salt fields) and established extraction infrastructure, not refining capacity or technological differentiation.

Table: HS Code 27 Detailed Breakdown

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Key Driver: Oil Seeds and Oleaginous Fruits

• Almost entirely dependent on soybeans (HS 1201, 98.4% of sector value).
• Acts as a complement to fuels: both are bulk commodity exports, but agricultural output is less geopolitically sensitive than oil.
• Strategic as a stable revenue source given global demand for protein and biofuels, though subject to climate and trade policy risks.

Table: HS Code 12 Detailed Breakdown

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Key Driver: Ores, Slag and Ash

• Primarily iron ores and concentrates (HS 2601, 88.6% of sector value).
• Role: Stable legacy export—Brazil is a top global iron ore supplier due to vast reserves and mining scale (e.g., Vale S.A. operations).
• Unlike fuels or soy, this sector is tightly linked to global steel production cycles and Chinese industrial demand.

Table: HS Code 26 Detailed Breakdown

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Frequently Asked Questions

What is Brazil's largest export commodity in 2024 Q1?

The largest export category is Mineral fuels, mineral oils and products of their distillation (HS 27), valued at $14.14B. This sector is primarily driven by exports of Crude oil (HS 2709), which alone accounts for $11.21B (79.32% of the sector).

Which specific Mineral fuels products does Brazil export most in 2024 Q1?

Within the Mineral fuels sector, the top exports are Crude oil (HS 2709) at $11.21B and Petroleum oils (HS 2710) at $2.78B, which together account for 99% of the sector's exports.

Does Brazil export Oil seeds and oleaginous fruits in 2024 Q1?

Yes. Oil seeds and oleaginous fruits (HS 12) is Brazil's second-largest export sector, valued at $9.89B. The primary driver is Soybeans (HS 1201), contributing $9.73B (98.35%) of the sector's total.

What are the main industries driving Brazil's economy?

Brazil's economy is heavily reliant on three key sectors:

1. Mineral fuels (HS 27): $14.14B (18.19%)
2. Oil seeds (HS 12): $9.89B (12.73%)
3. Ores (HS 26): $8.98B (11.56%)
   These top 3 industries account for 42.48% of total exports, indicating a concentrated economy.

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 for crude oil and petroleum products.