Chemical imports hit record monthly valueJun, 22, 2022 Posted by Gabriel Malheiros
Imports of chemical products totaled US$ 7.8 billion in May, which represents a record in monthly values, according to data released by the Brazilian Chemical Industry Association (Abiquim).
“The deficit in the trade balance of chemical products reached US$ 23.5 billion in the first five months of this year (a value 59.4% higher than that of the same period in 2021) and the unprecedented mark of US$ 55 billion in the past twelve months,” says Abiquim.
“This record negative balance in the last 12 months (from June 2021 to May 2022) is the result of imports of US$ 71.4 billion and exports of US$ 16.4 billion in chemical products, respectively, increases of 17.5% and 13.4% compared to data from 2021,” it adds.
Between January and May, agribusiness products (US$ 9.9 billion in fertilizers and their intermediates and US$ 3.3 billion in pesticides) and pharmaceutical products (US$ 6.3 billion) were the main chemicals in the Brazilian import list, representing, together, practically 2/3 of the total of US$ 30.6 billion imported in the period.
“As for exports, the group of various inorganic products (especially calcined alumina) was the one with the highest sales abroad, at US$ 2.3 billion, an increase of 35% compared to the same period of the previous year, representing 1/3 of all foreign sales, which totaled US$ 7.1 billion between January and May.”
“In terms of physical quantities, purchases of chemical products reached a new high of 22.9 million tonnes, a 6.5 percent increase [despite logistical challenges caused by quarantine retentions of long-haul vessels and transport equipment in key Asian ports, as well as economic turbulence in the global supply of inputs and raw materials caused by Russia’s war against Ukraine], while foreign sales totaled 6.4 million tonnes. The decrease was 2.6% in comparison to the figures recorded between January and May of last year,” the industry association concludes.
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