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Trade Between Brazil and the United States Reached US$ 88.7 Billion in 2022, US$ 18.2 Billion (25.8%) Above the Previous Record Set in 2021.
According to data released by AmCham Trade Brazil-U.S., “The unprecedented results of all key indicators of bilateral trade indicate a moment of dynamism in the economic relations between the two countries, as well as the increasing relevance of U.S. foreign trade with Brazil,” said Abrão Neto, the new CEO of the American Chamber of Commerce in Brazil, which brings together around 4,000 companies.
Trade Between Brazil and the United States Is Above Average
Monitoring shows that the performance of Trade Between Brazil and the United States is above the average level of Brazilian foreign trade. Brazil’s exports to the world increased by 19.3%, while exports to the United States rose by 20.2%. Brazil’s total imports grew by 24.3%, while purchases from the United States increased by 30.3%. As a result, North America’s share in Brazilian networks rose to 14.6%, the highest level since the beginning of the pandemic.
For 2023, a certain stabilization of bilateral flows is expected, with values close to last year’s record. Both countries have significant opportunities, for instance, in the green economy and supply chains. However, Abrão Neto added that it is essential to monitor the evolution of the global economic and geopolitical situation, which remains fluid and could alter these expectations. Despite the historic value of bilateral chains, Brazil also recorded an unprecedented negative balance of US$ 13.9 billion, an increase of almost 70% compared to 2021.
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Imports and Exports
Brazilian imports from North America reached a record US$ 51.3 billion in 2022, an increase of 30.3% compared to the previous year. An average price increase of 35.6% largely explains this rise, especially for fertilizers, fuels, and coal.
In turn, Brazilian exports to the U.S. increased by 20.2% compared to 2021, reaching an unprecedented value of US$ 37.4 billion, driven by higher prices and greater export volumes, which occurred in 7 major countries and 10 items shipped to the U.S. Despite the record bilateral trade, Brazil also recorded an unprecedented deficit of US$ 13.9 billion, an increase of almost 70% compared to 2021.
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