Brazilian Exports to the U.S. Surpass $40 Billion for the First Time
Brazil has achieved a historic milestone in its export relations with the United States, with total exports reaching an impressive $40.3 billion in 2024. This marks the first occasion that exports have exceeded the $40 billion threshold between the two nations. According to the Brazil-U.S. Trade Monitor, a quarterly report published by the American Chamber of Commerce in Brazil (Amcham), the volume of goods exported also hit a record high, totaling 40.7 million tons, reflecting a notable increase of 9.9% compared to 2023.
This remarkable growth in trade comes in a context where overall exports from Brazil saw a slight decline of 0.8% across the board. The American market, however, has proven to be a significant exception, generating substantial economic benefits for Brazil.
Amcham's CEO emphasized the positive impact that trade with the U.S. has had on the Brazilian economy, particularly highlighting the crucial role played by the industrial sector. Exports from this sector alone accounted for $31.6 billion, marking a 5.8% increase from the previous year. The manufacturing industry continues to be the predominant contributor, making up 78.3% of all exports to the United States, thus solidifying the U.S. as the leading destination for Brazilian industrial products for the ninth consecutive year.
Among the top exported products are crude oil, aircraft, coffee, cellulose, and beef. The report also noted that eight out of the ten leading items exported to the U.S. experienced an increase in value, showcasing enhanced competitiveness among Brazilian sectors. The U.S. has reaffirmed its position as the primary destination for Brazilian goods with higher added value, underscoring the importance of this commercial partnership.
As Brazil navigates through varying economic conditions, the continued growth of exports to the United States serves as a crucial pillar for its economic stability and development. The Brazilian government and businesses are likely to seek further opportunities to strengthen this vital trade relationship, aiming to build on the successes of the previous year.
