Brazil chemical imports fall back 10.3% in November to USD 5.8 bln

Brazil imported USD 5.8 billion in chemical products last month, down 11.8% from October and 10.3% year-on-year, according to a foreign trade report by the Brazilian Chemical Industry Association Abiquim.

According to industry sources, since July, the month when the industry set a record of USD 8.3 billion in imports, the amount spent has fallen along with the volume brought into the country, which is catching up to the 4 million tonnes mark.

Year-to-date, from Jan to November, chemical imports totaled USD 74.8 billion, up 36% in value thanks to the 42.6% increase in average prices. However, in terms of volume, Brazil nationalized 53.2 million tonnes, down 4.6%.

Exports, in turn, reached USD 1.3 billion in November, with a slight increase of 1.4% vis-a-vis October, with almost no alteration from the same month in 2021.

According to Abiquim, sales abroad totaled US$ 16.1 billion between January and November, an increase of 24.9% in the wake of average prices 25.3% higher.

“Although the overall picture is positive, the chemical industry has seen significant drops in volume sold abroad, particularly in the case of basic petrochemical products (-25.5%) and industrial additives (-16.4%), as the context unfolds to reveal worsening challenges for some of Brazil’s most important trading partners,” commented Abiquim.

Until November, the trade balance deficit for chemical products amounted to US$ 58.7 billion, 39.4% above that registered in the same period of 2021. In the past 12 months, the negative balance reached US$ 62.7 billion, giving credibility to the projections of a US$ 65 billion sector deficit by the end of the year.

Source: Valor Econômico

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