Top Brazil Exports 2024 Q3: Commodity Dominance

Brazil Export Portfolio Overview in 2024 Q3

• Dominated by Mineral Fuels (15.41%) and Oil Seeds (12.88%), reflecting heavy reliance on extractive and agricultural commodities.
• Concentration risk is high: top three sectors (fuels, oil seeds, ores) account for 38.6% of total exports, exposing Brazil to global commodity price volatility.
• This structure reinforces Brazil's role as a global supplier of raw materials, not value-added goods, limiting economic complexity.

Table: Brazil Top Export Product in 2024 Q3 (Source: yTrade)

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Key Driver: Mineral Fuels, Oils & Distillation Products

• Driven by crude petroleum oils (HS 2709), representing 76.2% of the sector's value.
• Product type is entirely raw material, with no meaningful downstream refining exports (HS 2710, refined products, is just 22.3%).
• Dominance stems from Brazil’s deep-water pre-salt reserves and competitive extraction costs, not refining capacity or technological edge.

Table: HS Code 27 Detailed Breakdown

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Key Driver: Oil Seeds & Oleaginous Fruits

• Overwhelmingly driven by soybeans (HS 1201), at 97.4% of the sector.
• Acts as a complement to fuels: both are bulk raw exports, doubling down on commodity dependence rather than diversifying risk.
• Strategic as a stable forex earner, but ties Brazil’s fortunes to Chinese import demand and global agri-commodity cycles.

Table: HS Code 12 Detailed Breakdown

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Key Driver: Ores, Slag & Ash

• Iron ores and concentrates (HS 2601) dominate, making up 85.5% of the sector.
• A stable legacy export, reflecting Brazil’s vast high-grade iron reserves and Vale’s logistical network.
• Reinforces the raw material export model, with minimal local beneficiation—most value is captured abroad.

Table: HS Code 26 Detailed Breakdown

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Frequently Asked Questions

What is Brazil's largest export commodity in 2024 Q3?

The largest export category is Mineral fuels, mineral oils and products of their distillation (HS 27), valued at $13.56B. This sector is primarily driven by exports of Crude oil (HS 2709), which alone accounts for 76.22% of the sector's total value.

Which specific Mineral fuels products does Brazil export most in 2024 Q3?

Within the Mineral fuels sector, the top exports are Crude oil (HS 2709, $10.34B) and Petroleum oils (HS 2710, $3.02B), which together account for 98.51% of the sector's total exports.

Does Brazil export Oil seeds and oleaginous fruits in 2024 Q3?

Yes, Oil seeds and oleaginous fruits (HS 12) is Brazil's second-largest export sector, valued at $11.34B. The primary driver is Soybeans (HS 1201), which makes up 97.38% of the sector's exports.

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, $13.56B)
2. Oil seeds (HS 12, $11.34B)
3. Ores (HS 26, $9.11B)
   Together, these account for 38.64% of Brazil's total exports, indicating a concentrated export 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.