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The year 2022 was a milestone in relations between Canada and Brazil: both countries recorded new records from quarter to quarter in the commercial field, surpassing an accumulated 12-month record, with the mark of US$ 10 billion.
Between the months of January and December of the year 2022, the entire trade chain – which is the representation of the sum of imports and exports – made a total of US$ (FOB) 10,5 billion, which is still a potential advance of around 41% compared to US$ (FOB) 7,497 billion that have already been achieved in a period equal to 2021.
A lower level in the last decade was seen in the year 2016, when it stood at around US$4,2 billion. However, from then on, these results began to be more expressive, pointing to a greater complementarity between the two economies in the following years.
According to the progress in bilateral relations, which was stimulated by all the new business deals and also by a strong leap in information from all over Brazil, this growth was 101% compared to the year 2021, mainly due to the purchase of fertilizers due to the entire conflict between Russia and Ukraine.
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However, the trade balance for Brazil was still in the positive, with approximately US$ 196,3 million at the end of 2022, with Canada remaining in 13th position, as one of the largest destinations for Brazilian exports. Still in the ranking of imports, the country, which is North American, found itself in 12th position.
“Canada has entered the radar of Brazilian companies that not only want to go international, but also expand their business and create bases of operations in North America. In addition, the year 2022 was marked by major events and trade missions from various strategic sectors, contributing to the increase in business and establishing new partnerships”, evaluates CCBC's Director of Institutional Relations, Paulo Castro Reis.
For the president of the CCBC, Ronaldo Ramos, the relationship between Brazil and Canada tends to grow a lot in the coming years. “In the year in which the Chamber completes its fiftieth anniversary, we proudly follow the results of this relationship, which presents expressive numbers. The initiatives and trade missions already scheduled for 2023 should further support the expansion of business between the two countries,” he says.
Exports continue at full steam
The main highlights in Brazilian exports to Canada and with an even greater weight in the trade balance in the period were gold (26,5% of total exports); calcined aluminum, represented by 26,4% of the total; and sugars and molasses (9,4%).
