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The Year 2022 Was a Milestone in the Relations Between Canada and Brazil: Both Countries Had a Quarter-to-Quarter Record of New Highs in Trade, Surpassing a 12-Month Accumulation With the Mark of US$ 10 Billion.
Between the months of January and December of 2022, the total trade flow – which is the sum of imports and exports – reached US$ (FOB) 10.5 billion, representing a potential increase of about 41% compared to US$ (FOB) 7.497 billion that had been achieved in an equivalent period in 2021.
A lower level was seen in the last decade in 2016, when it was around US$ 4.2 billion. However, since then, these results have started to be more expressive, indicating greater complementarity between the two economies in the following years.
According to the advancement of bilateral relations which was stimulated by the completion of new business deals and a strong surge in information from all parts of Brazil, this growth was 101% compared to 2021, mainly driven by the purchase of fertilizers due to the ongoing conflict between Russia and Ukraine.
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Brazilian multinational with debt exceeding R$ 11 billion resorts to the United States Justice and requests an additional 75 days to try to avoid a larger collapse, preserve contracts, and save 23,000 jobs.
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With a loan of R$ 12 billion and a restructuring plan, Correios becomes the state-owned company with the largest debt guaranteed by the Treasury.
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However, the trade balance for Brazil remained positive, with about US$ 196.3 million at the end of 2022, with Canada ranking 13th as one of the largest destinations for Brazilian exports. Also in the import ranking, the North American country stood at 12th position.
“Canada has come onto the radar of Brazilian companies that not only want to internationalize but also expand their businesses and create operational bases in North America. Additionally, the year 2022 was marked by major events and trade missions from various strategic sectors, contributing to increased business and establishing new partnerships,” evaluates Paulo Castro Reis, the Director of Institutional Relations at CCBC.
For the president of CCBC, Ronaldo Ramos, the relationship between Brazil and Canada is likely to grow significantly in the coming years. “In the year that the Chamber celebrates its fiftieth anniversary, we proudly witness the fruits of this relationship that presents expressive numbers. The initiatives and trade missions already scheduled for 2023 should further support the expansion of business between the two countries,” he states.
Exports Continue at Full Speed
The main highlights in the Brazilian exports to Canada, which had an even greater weight in the trade balance during the period, were gold (26.5% of total exports); calcined aluminum, accounting for 26.4% of the total; and sugars and molasses (9.4%).
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