Brazil - United States Trade 2024 Q1: Growth with Volatility
Key Market Takeaways: Brazil - United States Trade
The bilateral trade relationship between Brazil and United States showed growth with volatility in Q1 2024.
- Economic Pulse: Brazil held a narrow $130M trade surplus ($9.79B exports vs. $9.66B imports), with strong YoY export growth (+23.01% in January) offsetting a March import plunge (-17.94%).
- Exchange Structure: Brazil - United States trade statistics reveal a resource-for-tech complementarity—Brazil supplies fuels (22.8% of exports) while importing machinery (23.9% of imports).
- Strategic Interdependence: The partnership reflects asymmetric value chains, with the U.S. dominating high-tech exports and Brazil providing critical commodities.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Brazil-United States Trade Trend in Q1 2024
Brazil Export Performance: Shipments to United States
- Total Volume: $9.79B in Q1 2024.
- Growth Trend & Context:
- YoY growth was strong in January (+23.01%) and March (+20.43%), offsetting a softer February (+7.39%).
- No specific trade news to explain the volatility.
- Key Volatility: March saw a sharp MoM rebound (+44.8%) after February’s -22.39% drop.
Brazil Import Performance: Sourcing from United States
- Total Volume: $9.66B in Q1 2024.
- Growth Trend & Context:
- YoY trends were mixed: January (+2.68%) and February (-2.35%) were flat, but March plunged -17.94%.
- Key Volatility: February imports fell -12.86% MoM, while March rebounded +9.0%.
Brazil - United States Trade Balance & Market Dynamics
- Net Position: Brazil recorded a narrow trade surplus of $130M (Exports: $9.79B vs. Imports: $9.66B).
- Relationship Status: Near-balanced trade, with Brazil maintaining a slight edge as a net exporter.
Brazil Import Trend from United States 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 3.42B | 8.36% | 2.68% |
| Feb | 2.98B | -12.86% | -2.35% |
| Mar | 3.25B | 9.0% | -17.94% |
| Total | 9.66B | - | - |
Brazil Export Trend to United States 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 3.37B | -1.99% | 23.01% |
| Feb | 2.62B | -22.39% | 7.39% |
| Mar | 3.79B | 44.8% | 20.43% |
| Total | 9.79B | - | - |
Get Historical Brazil United States Trade Records
Brazil-United States Top Trading Products in Q1 2024
Brazil Export Profile: What Does Brazil Sell to United States
- Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils, distillation products) at 22.79% of total exports.
- Demand Driver: United States buys these for industrial processing (raw materials/intermediates).
- Concentration: Trade is not dominated by a single category (top commodity <50% share).
Brazil Import Profile: What Does Brazil Buy from United States
- Top Commodity: Rank #1 import is HS 84 (Nuclear reactors, boilers, machinery) at 23.92% of total imports.
- Dependency Nature: Reflects critical technology dependency (high-tech/machinery).
Brazil - United States Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Brazil exports raw materials (fuels, metals) and imports machinery/tech.
- Value Chain Position: United States holds higher value-add position, supplying advanced machinery (HS 84, 90) while Brazil provides commodities (HS 27, 72).
Import Analysis by Product: United States to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 2.31B | 23.92% |
| 27 | 2.23B | 23.08% |
| 39 | 801.77M | 8.30% |
| 30 | 593.50M | 6.14% |
| 90 | 479.97M | 4.97% |
| 29 | 457.94M | 4.74% |
| 88 | 373.34M | 3.86% |
| 85 | 363.21M | 3.76% |
| 38 | 327.26M | 3.39% |
| 87 | 267.00M | 2.76% |
Export Analysis by Product: Brazil to United States (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 2.23B | 22.79% |
| 72 | 1.50B | 15.31% |
| 84 | 892.21M | 9.12% |
| 09 | 431.80M | 4.41% |
| 44 | 387.16M | 3.96% |
| 47 | 386.37M | 3.95% |
| 88 | 338.56M | 3.46% |
| 85 | 318.72M | 3.26% |
| 20 | 281.12M | 2.87% |
| 02 | 200.53M | 2.05% |
Check Detailed Brazil-United States Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Brazil’s trade with the United States is poised for moderate growth in Q2 2024, driven by resilient demand for mineral fuels (HS 27) and a potential rebound in U.S. machinery imports (HS 84). The near-balanced trade surplus suggests stable bilateral dynamics, but volatility in monthly figures—particularly March’s export surge and import slump—warrants caution. If commodity prices remain firm and U.S. industrial activity picks up, Brazil could consolidate its position as a net exporter. However, exporters must monitor U.S. demand shifts, as a prolonged downturn in machinery purchases could tighten Brazil’s import bill.
Strategic Moves
- Lock in Fuel Export Contracts: With mineral fuels dominating Brazil’s exports, producers should secure long-term agreements to hedge against price swings and U.S. inventory cycles.
- Diversify Tech Imports: Reduce dependency on U.S. machinery (HS 84) by exploring alternative suppliers in the EU or Asia to mitigate supply chain risks.
- Capitalize on Seasonal Rebounds: Traders should align shipments with historical MoM rebounds (e.g., March’s 44.8% export jump) to optimize timing and pricing.
Frequently Asked Questions
How did Brazil - United States trade perform in 2024 Q1?
Brazil's exports to the United States totaled $9.79B in Q1 2024, with strong YoY growth in January and March, while imports from the U.S. reached $9.66B, showing mixed YoY trends.
What are the top exports from Brazil to United States?
The top export from Brazil to the U.S. is HS 27 (Mineral fuels, oils, distillation products), accounting for 22.79% of total exports.
What does Brazil import from United States?
Brazil's top import from the U.S. is HS 84 (Nuclear reactors, boilers, machinery), making up 23.92% of total imports.
What is the trade balance between Brazil and United States?
Brazil recorded a narrow trade surplus of $130M in Q1 2024, maintaining a slight edge as a net exporter to the United States.
Brazil - United States Trade 2024 Whole Year: Deficit & Volatility
Brazil's 2024 trade with the U.S. shows a $2.25B deficit amid high volatility. Explore Brazil United States trade trends and top trading products via yTrade data.
Brazil - United States Trade 2024 Q4: Balanced Surge
Brazil's trade surplus with the U.S. hit $0.67B in Q4 2024, fueled by resource-for-tech exchanges. Explore Brazil United States trade trends and top trading products via yTrade data.
