Brazil Achieves Historic Milestone in Exports to Canada

Written by Corporativo

Published on 27/10/2023 at 23:42

Foto: Marcel Salim

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Commercial Advancement Between Brazil and Canada Reaches US$ 4 Billion in 2023

The first nine months of 2023 marked a historic turnaround in the bilateral economy between Brazil and Canada. Brazilian exports to Canada broke the US$ 4 billion barrier, as highlighted in a report from Quick Trade Facts, produced by the Brazil-Canada Chamber of Commerce (CCBC). During this period, the exported values totaled US$ 4.2 billion, a 5% increase compared to the same period last year.

This significant increase drove the trade balance to close with a favorable result for Brazil of US$ 1.491 billion, an impressive rise of 547% compared to the same period in 2022.

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Ronaldo Ramos, president of the CCBC, expresses optimism with these numbers. “The growth trend of exports to Canada appears stable and upward. This advancement is a direct consequence of multiple initiatives and meetings held over the past few years, strengthening business between the two nations,” says Ramos.

Currently, Canada stands out as the 12th largest destination for Brazilian exports, while in the import ranking, it holds the 15th position. The trade flow, combining imports and exports, reached US$ 6.85 billion in 2023.

Paulo de Castro Reis, director of Institutional Relations at the CCBC, highlights the growing partnership between the countries. “Many still do not recognize the depth of the Brazil-Canada relationship. There are robust investments in strategic areas, such as agribusiness, infrastructure, and technology. And, despite the observed growth, there is still vast potential to be unlocked,” notes Reis.

On average, eight trade missions are organized annually by the CCBC, focused on areas such as artificial intelligence, Industry 4.0, health innovation, and clean technologies. These initiatives provide a gateway for Brazilian companies into the North American and European markets.

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In exports, the sales leaders to Canada included gold, accounting for 27% of the total; alumina, with 22%; and aircraft and equipment, covering 11% of the volume.

On the other hand, Brazilian imports from Canada totaled US$ 2.7 billion, showing a decrease of 38% compared to 2022. The decline is largely attributed to the reduction in purchases of fertilizers, influenced by the conflict between Russia and Ukraine. Nonetheless, these products still dominate imports, with a share of 61%.

This year promises to be a milestone in the economic history between Brazil and Canada, indicating a future of even stronger and more beneficial trade relations for both countries.

Source: Marcel Salim.

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Brazil Achieves Historic Milestone in Exports to Canada

Commercial Advancement Between Brazil and Canada Reaches US$ 4 Billion in 2023

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Brazil Achieves Historic Milestone in Exports to Canada

Commercial Advancement Between Brazil and Canada Reaches US$ 4 Billion in 2023

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