Record-Breaking: Brazil’s 2023 Exports to Canada Surpass $4 Billion

Brazil’s exports to Canada reached a record high between January and September, exceeding $4 billion for the first time in the history of their bilateral relationship. Shipments to Canada amounted to $4.2 billion (FOB) in the first nine months of 2023, marking a 5% increase compared to last year when external sales amounted to $3.9 billion (FOB).

According to data from the Brazil-Canada Chamber of Commerce’s (CCBC) Quick Trade Facts study, this performance has contributed to Brazil’s positive trade balance of $1.491 billion (FOB). This represents a staggering 547% increase over the same period in 2022, when the ratio was negative at $334 million.

Between January and September 2023, the trade flow, which represents the sum of imports and exports, amounted to $6.85 billion (FOB). This figure represents a 17% decrease from the previous year’s figure of $8.223 billion (FOB). The previous high was set in 2022 when it surpassed $10 billion (FOB) in a single year.

See below Brazil’s exports in containers, measured in TEUs, compared to Canadian imports from January 2019 and August 2023. The data is from DataLiner.

Exports & Imports | Brazil-Canada | Jan 2019 – Aug 2023 | TEU

Source: DataLiner (click here to request a demo)

Canadian product purchases amounted to $2.7 billion (FOB) between January and September 2023, showing a 38% decline compared to the same period in 2022 when they totaled $4.3 billion (FOB). This drop is primarily attributed to the purchase of fertilizers and fertilizing products, which gained prominence last year due to the Russia-Ukraine conflict.

Imports in this category totaled $1.65 billion (FOB), representing a 50% reduction compared to the $3.25 billion seen a year earlier. Despite the decline, fertilizers continue to lead as the most purchased products from Canada, accounting for 61% of total imports.

Source: Canal do Boi

To read the original news publication, see: https://sba1.com/noticias/noticia/28233/Recorde-Exportacoes-do-Brasil-para-o-Canada-superam-os-US-4-bilhoes%C2%A0

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