Brazil - United States Trade 2023 Whole Year: $2.86B Deficit
Key Market Takeaways: Brazil - United States Trade
The bilateral trade relationship between Brazil and United States reflects a mixed performance with volatile monthly swings in 2023.
- Economic Pulse: Brazil ran a $2.86B trade deficit with the U.S. ($40.21B imports vs. $37.35B exports), driven by sustained YoY import declines despite export volatility.
- Exchange Structure: Brazil - United States trade statistics show resource-for-tech complementarity—Brazil supplies iron/steel (18.5% of exports) while importing U.S. mineral fuels (25.2%) and high-value machinery.
- Strategic Interdependence: Classic developed-developing asymmetry persists, with the U.S. capturing higher value-add in manufactured goods.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Brazil-United States Trade Trend in Whole Year 2023
Brazil Export Performance: Shipments to United States
- Total Volume: $37.35B in 2023.
- Growth Trend & Context: Mixed YoY performance, with notable declines in June (-23.26%) and December (-5.25%), offset by strong gains in January (+20.7%) and November (+19.2%). No specific trade news to explain volatility.
- Key Volatility: March saw the highest MoM surge (+29.12%), while January had the sharpest MoM drop (-24.51%).
Brazil Import Performance: Sourcing from United States
- Total Volume: $40.21B in 2023.
- Growth Trend & Context: Sustained YoY declines throughout the year, peaking in September (-39.21%). No news context provided for the downturn.
- Key Volatility: March recorded the highest MoM jump (+29.7%), while June faced the steepest MoM fall (-21.16%).
Brazil - United States Trade Balance & Market Dynamics
- Net Position: Trade deficit of $2.86B (Imports $40.21B > Exports $37.35B).
- Relationship Status: Brazil remains a net importer from the U.S., with imports consistently outpacing exports despite weaker demand (YoY declines in 11/12 months for imports).
Brazil Import Trend from United States 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 3.33B | -18.86% | -22.2% |
| Feb | 3.06B | -8.36% | -18.51% |
| Mar | 3.96B | 29.7% | -2.26% |
| Apr | 3.44B | -13.1% | -25.13% |
| May | 3.94B | 14.47% | -23.32% |
| Jun | 3.11B | -21.16% | -32.69% |
| Jul | 3.55B | 14.24% | -30.13% |
| Aug | 3.42B | -3.57% | -36.46% |
| Sep | 2.83B | -17.3% | -39.21% |
| Oct | 3.63B | 28.09% | -24.92% |
| Nov | 2.76B | -23.89% | -27.44% |
| Dec | 3.16B | 14.45% | -23.11% |
| Total | 40.21B | - | - |
Brazil Export Trend to United States 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 2.74B | -24.51% | 20.7% |
| Feb | 2.44B | -11.1% | -1.8% |
| Mar | 3.15B | 29.12% | 6.96% |
| Apr | 2.66B | -15.4% | -14.02% |
| May | 3.21B | 20.68% | 3.28% |
| Jun | 3.17B | -1.45% | -23.26% |
| Jul | 3.15B | -0.55% | -4.98% |
| Aug | 3.39B | 7.59% | -6.4% |
| Sep | 3.18B | -6.05% | -8.1% |
| Oct | 3.43B | 7.63% | 5.87% |
| Nov | 3.38B | -1.51% | 19.2% |
| Dec | 3.44B | 1.98% | -5.25% |
| Total | 37.35B | - | - |
Get Historical Brazil United States Trade Records
Brazil-United States Top Trading Products in Whole Year 2023
Brazil Export Profile: What Does Brazil Sell to United States
- Top Commodity: Rank #1 Export is Iron and Steel (HS 72) with 18.49% share.
- Demand Driver: United States uses these for industrial processing (construction, manufacturing).
- Concentration: No single category dominates; top 3 exports (Iron/Steel, Mineral Fuels, Machinery) combine for 45.8% share.
Brazil Import Profile: What Does Brazil Buy from United States
- Top Commodity: Rank #1 Import is Mineral Fuels (HS 27) with 25.17% share.
- Dependency Nature: Energy security dependency (oil/gas imports critical for Brazil's industrial base).
Brazil - United States Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Brazil exports raw materials (Iron/Steel, Mineral Fuels) and imports high-value machinery (HS 84, 85) and pharmaceuticals (HS 30).
- Value Chain Position: United States holds higher value-add position (Machinery/Pharma vs. Brazil's Iron/Oil). Trade reflects classic developed-developing economy asymmetry.
Import Analysis by Product: United States to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 10.12B | 25.17% |
| 84 | 9.34B | 23.23% |
| 39 | 2.51B | 6.25% |
| 29 | 1.96B | 4.88% |
| 90 | 1.91B | 4.74% |
| 38 | 1.87B | 4.66% |
| 30 | 1.85B | 4.60% |
| 85 | 1.74B | 4.33% |
| 87 | 1.40B | 3.49% |
| 88 | 1.35B | 3.36% |
Export Analysis by Product: Brazil to United States (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 72 | 6.91B | 18.49% |
| 27 | 6.25B | 16.74% |
| 84 | 3.95B | 10.57% |
| 88 | 1.97B | 5.28% |
| 44 | 1.47B | 3.94% |
| 85 | 1.25B | 3.34% |
| 47 | 1.19B | 3.19% |
| 09 | 1.15B | 3.09% |
| 20 | 979.87M | 2.62% |
| 28 | 776.62M | 2.08% |
Check Detailed Brazil-United States Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Brazil-United States trade relationship is likely to face continued volatility in 2024, driven by fluctuating demand for Brazil’s key exports (iron/steel, mineral fuels) and persistent declines in U.S. imports. The trade deficit may narrow slightly if Brazil capitalizes on recovering industrial demand in the U.S., but structural imbalances—such as Brazil’s reliance on high-value U.S. machinery and pharmaceuticals—will sustain asymmetry. Traders should prepare for uneven growth, with potential upside in Q1 and Q4 as seasonal demand for raw materials peaks.
Strategic Moves
- Diversify Export Markets: Brazilian exporters must reduce reliance on U.S. demand by targeting emerging Asian and EU buyers for iron/steel and agricultural goods, mitigating downside risks from U.S. import volatility.
- Lock in Energy Contracts: Given Brazil’s dependency on U.S. mineral fuels, importers should negotiate long-term supply agreements to hedge against price swings and ensure stable energy inputs for industry.
- Upgrade Value Chains: Brazilian firms should invest in higher-value manufacturing (e.g., processed metals, machinery components) to shift from raw material exports and capture more trade revenue from the U.S. market.
Frequently Asked Questions
How did Brazil - United States trade perform in 2023 Whole Year?
Brazil's exports to the U.S. totaled $37.35B, while imports reached $40.21B, resulting in mixed growth trends and a trade deficit of $2.86B.
What are the top exports from Brazil to United States?
The top exports include Iron and Steel (HS 72), Mineral Fuels, and Machinery, which together account for 45.8% of Brazil's shipments to the U.S.
What does Brazil import from United States?
Brazil primarily imports Mineral Fuels (HS 27) from the U.S., making up 25.17% of total imports, alongside high-value machinery and pharmaceuticals.
What is the trade balance between Brazil and United States?
Brazil recorded a trade deficit of $2.86B with the U.S. in 2023, as imports consistently outpaced exports despite weaker demand.
Top Brazil Imports 2025 Q2: Industrial Dependence
Brazil's top import product in 2025 Q2 highlights heavy reliance on machinery and electrical equipment. Discover the top import origin and trends with yTrade.
Brazil - United States Trade 2023 Q2: Trade Deficit Widens
Brazil's trade deficit with the U.S. hit $1.45B in Q2 2023 as exports declined. Explore Brazil United States trade trends and top trading products with yTrade data.
