{"id":92973,"date":"2025-02-12T18:59:50","date_gmt":"2025-02-12T21:59:50","guid":{"rendered":"https:\/\/murray.adv.br\/?p=92973"},"modified":"2025-02-12T18:59:53","modified_gmt":"2025-02-12T21:59:53","slug":"latin-america-drops-off-list-of-brazils-largest-trade-surpluses","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/","title":{"rendered":"Latin America drops off list of Brazil\u2019s largest trade surpluses"},"content":{"rendered":"\n
Asian countries gain ground while Argentina plummets from fourth place in 2023 to 60th in 2024<\/em><\/h6>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

02\/12\/2025 <\/p>\n\n\n\n

\n\n\n\n

Brazil ended 2024 with a trade surplus 25% lower than the previous year and a reduced contribution from its neighbors. The list of the ten countries that generated Brazil\u2019s largest trade surpluses in 2024 no longer includes any Latin American nations. In 2023, Argentina, Chile, and Mexico were part of this ranking. The surplus with these three countries shrank as exports declined and imports grew, driven by domestic demand.<\/p>\n\n\n\n

China remained at the top of the list in 2024, although with a smaller surplus, followed by three Southeast Asian nations. Among them, Singapore\u2014a city-state with around 6 million inhabitants\u2014held onto third place, as it did in 2023. Malaysia and Indonesia, in ninth and tenth positions, respectively, were also present in the ranking last year but swapped places in 2024. Newcomers to the top ten were Egypt and Iran, ranking seventh and eighth, up from 16th and 12th places in 2023, respectively.<\/p>\n\n\n\n

In a year when exports fell by 0.8% and imports rose by 9%, Brazil\u2019s total trade surplus dropped to $74.2 billion in 2024, down from $98.9 billion in 2023. South America, which was the second-largest source of surplus for Brazil in 2023, slipped to fourth place in 2024, overtaken by the Middle East and Africa. Asia retained its lead for both years.<\/p>\n\n\n\n

Argentina plummets<\/strong><\/p>\n\n\n\n

Among the Latin American countries that dropped out of the top ten, Argentina\u2014historically a key market for Brazilian manufactured goods\u2014had the smallest trade surplus with Brazil in 2024. The positive balance of $4.71 billion in 2023 dropped to just $201 million in 2024, pushing the country from fourth place in 2023 to 60th in 2024. Brazilian exports to Argentina fell 17.6% year over year, while imports from Argentina rose 13.2%.<\/p>\n\n\n\n

A major factor behind this shift was an atypical surge in soybean exports to Argentina in 2023, which did not repeat in 2024, noted Jos\u00e9 Augusto de Castro, president of the Brazilian Foreign Trade Association (AEB).<\/p>\n\n\n\n

Due to a poor harvest, Argentina had to import soybeans to fulfill its export contracts. In 2023, Brazil sold $2 billion worth of soybeans to Argentina, accounting for 12% of the total exports to the country that year. In 2024, shipments returned to normal levels, totaling just $90 million. Meanwhile, Brazilian imports from Argentina were driven by automobiles.<\/p>\n\n\n\n

Livio Ribeiro, partner at BRCG and researcher at the Brazilian Institute of Economics of the Getulio Vargas Foundation (FGV Ibre), pointed out that Argentina is undergoing a severe income contraction. \u201cIn reality, the country is redefining itself as much poorer than previously perceived. Trade levels are adjusting in the short term between Argentina and the rest of the world, and its share in Brazil\u2019s export agenda is shrinking.\u201d<\/p>\n\n\n\n

Brazil\u2019s trade surplus with Chile also shrank, from $3.63 billion in 2023 to $1.71 billion in 2024, pushing the country from sixth place to 18th. Petroleum is Brazil\u2019s main export to Chile, accounting for 29% of total shipments. In 2024, Brazil exported $1.92 billion worth of oil to Chile, a 38% drop from 2023, which drove an overall 16.2% decline in exports to the country. Meanwhile, imports from Chile rose by 14.8%, mainly due to increased copper purchases.<\/p>\n\n\n\n

With Mexico, Brazil\u2019s trade surplus shrank from $3 billion in 2023 to $2 billion in 2024, moving Mexico down from seventh to 15th place. This decline resulted from a 9% drop in exports and a 4% increase in imports.<\/p>\n\n\n\n

Mexico, another key destination for Brazilian manufactured goods, imported $715 million worth of automobiles from Brazil in 2024. While cars remained Brazil\u2019s top export to Mexico, sales fell 35% from 2023. Meanwhile, Brazilian imports of vehicle parts and accessories from Mexico rose by 22.3%.<\/p>\n\n\n\n

Welber Barral, partner at BMJ and former foreign trade secretary, noted that Brazil and Mexico have a longstanding trade agreement primarily focused on the automotive sector. \u201cThere\u2019s a proposal to expand the agreement to include more products, but one major obstacle is Mexico\u2019s protectionist stance on agriculture,\u201d he said.<\/p>\n\n\n\n

Mr. Barral added that the more aggressive trade policies of U.S. President Donald Trump toward the United States-Mexico-Canada Agreement (USMCA)\u2014the updated version of NAFTA negotiated during his first term and set for review in 2026\u2014could push Mexico to revisit trade talks with Brazil. \u201cIt would be an opportunity, though the trade instability caused by Trump\u2019s new tariffs is bad for the entire world,\u201d he said.<\/p>\n\n\n\n

Growing influence<\/strong><\/p>\n\n\n\n

For Mr. Ribeiro of BRCG, the decline in trade surpluses with Latin American countries is part of a broader shift in which Brazil is losing its traditionally captive regional market to China. \u201cThis is particularly evident in 2024, as China ramped up its exports\u2014especially toward the end of the year\u2014anticipating a worsening trade war,\u201d he said, referring to the expected escalation of tensions between China and the U.S.<\/p>\n\n\n\n

Looking ahead, Mr. Ribeiro said the key question is how global trade will balance in 2025. \u201cThe 2024 trade agenda was influenced by specific factors, but overall, Brazil remains a major commodity supplier, primarily to Asia. It also exports some industrial products to the Americas, but these are increasingly being replaced by Chinese goods.\u201d<\/p>\n\n\n\n

Despite its decline in 2024, Brazil\u2019s trade surplus with China remains by far the largest among all partners, totaling $30.73 billion, down from $51.15 billion in 2023. The drop was driven by both lower exports, which fell to $94.4 billion (nearly $10 billion less than in 2023), and higher imports, which rose from $53.2 billion in 2023 to $63.6 billion in 2024.<\/p>\n\n\n\n

Government data indicate that soybean exports accounted for much of the decline in shipments to China. In 2023, amid a record grain harvest, Brazil exported $38.9 billion worth of soybeans to China. In 2024, with lower agricultural production, sales fell to $31.5 billion. Shipments of oil and iron ore remained relatively stable, and together, these three products made up 75% of Brazil\u2019s total exports to China in 2024.<\/p>\n\n\n\n

Commodity prices played a significant role in these trends. The average price of crude oil exports fell by 4.4% in 2024, while iron ore prices declined by 5.2%. Soybean prices plummeted by 16.9%, further affecting trade values. Meanwhile, China\u2019s GDP growth remained stable, rising by 5.2% in 2023 and 5% in 2024.<\/p>\n\n\n\n

The surge in Brazilian imports from China was driven by domestic demand and China\u2019s strategy to redirect its excess supply to new markets amid rising protectionist measures from the U.S. and Europe. In 2024, Chinese cars took advantage of favorable tariffs and stood out in Brazil\u2019s import data. Boosted by electric and hybrid models, Brazil imported $3.1 billion worth of Chinese automobiles in 2024\u2014triple the value of 2023.<\/p>\n\n\n\n

For Mr. Castro of AEB, Brazil\u2019s trade surpluses with China, as well as with countries like Egypt and Iran in 2024, reflect strong commodity sales. The top export to Egypt was corn, followed by sugar and molasses. For Iran, Brazil\u2019s main exports were corn, soybeans, and soybean meal.<\/p>\n\n\n\n

Singapore, which ranked third in trade surpluses with Brazil in both 2023 and 2024, serves as a key re-export hub, particularly for China and Southeast Asia. The Netherlands, which held second place both years, plays a similar role for the European Union.<\/p>\n\n\n\n

*By\u00a0Marta Watanabe\u00a0e\u00a0\u00c1lvaro Fagundes\u00a0\u2014 S\u00e3o Paulo<\/p>\n\n\n\n

Source: Valor International<\/p>\n\n\n\n

\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"

Asian countries gain ground while Argentina plummets from fourth place in 2023 to 60th in 2024 02\/12\/2025 Brazil ended 2024 with a trade surplus 25% lower than the previous year and a reduced contribution from its neighbors. The list of the ten countries that generated Brazil\u2019s largest trade surpluses in 2024 no longer includes any […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[25879,25877,25878],"class_list":["post-92973","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-asian-countries-gain-ground","tag-largest-trade-surpluses","tag-latin-america-drops-off-list"],"yoast_head":"\nLatin America drops off list of Brazil\u2019s largest trade surpluses - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Latin America drops off list of Brazil\u2019s largest trade surpluses - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Asian countries gain ground while Argentina plummets from fourth place in 2023 to 60th in 2024 02\/12\/2025 Brazil ended 2024 with a trade surplus 25% lower than the previous year and a reduced contribution from its neighbors. The list of the ten countries that generated Brazil\u2019s largest trade surpluses in 2024 no longer includes any […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/\" \/>\n<meta property=\"og:site_name\" content=\"Murray Advogados\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-12T21:59:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-12T21:59:53+00:00\" \/>\n<meta name=\"author\" content=\"Gelcy Bueno\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gelcy Bueno\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/\"},\"author\":{\"name\":\"Gelcy Bueno\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"headline\":\"Latin America drops off list of Brazil\u2019s largest trade surpluses\",\"datePublished\":\"2025-02-12T21:59:50+00:00\",\"dateModified\":\"2025-02-12T21:59:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/\"},\"wordCount\":1165,\"keywords\":[\"Asian countries gain ground\",\"largest trade surpluses\",\"Latin America drops off list\"],\"articleSection\":[\"Murray News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/\",\"url\":\"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/\",\"name\":\"Latin America drops off list of Brazil\u2019s largest trade surpluses - Murray Advogados\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#website\"},\"datePublished\":\"2025-02-12T21:59:50+00:00\",\"dateModified\":\"2025-02-12T21:59:53+00:00\",\"author\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"breadcrumb\":{\"@id\":\"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"In\u00edcio\",\"item\":\"https:\/\/murray.adv.br\/en\/home\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Latin America drops off list of Brazil\u2019s largest trade surpluses\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/murray.adv.br\/en\/#website\",\"url\":\"https:\/\/murray.adv.br\/en\/\",\"name\":\"Murray Advogados\",\"description\":\"PLG International Lawyers\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/murray.adv.br\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\",\"name\":\"Gelcy Bueno\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"caption\":\"Gelcy Bueno\"},\"url\":\"https:\/\/murray.adv.br\/en\/author\/news\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Latin America drops off list of Brazil\u2019s largest trade surpluses - Murray Advogados","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/","og_locale":"en_US","og_type":"article","og_title":"Latin America drops off list of Brazil\u2019s largest trade surpluses - Murray Advogados","og_description":"Asian countries gain ground while Argentina plummets from fourth place in 2023 to 60th in 2024 02\/12\/2025 Brazil ended 2024 with a trade surplus 25% lower than the previous year and a reduced contribution from its neighbors. The list of the ten countries that generated Brazil\u2019s largest trade surpluses in 2024 no longer includes any […]","og_url":"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/","og_site_name":"Murray Advogados","article_published_time":"2025-02-12T21:59:50+00:00","article_modified_time":"2025-02-12T21:59:53+00:00","author":"Gelcy Bueno","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Gelcy Bueno","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/#article","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/"},"author":{"name":"Gelcy Bueno","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"headline":"Latin America drops off list of Brazil\u2019s largest trade surpluses","datePublished":"2025-02-12T21:59:50+00:00","dateModified":"2025-02-12T21:59:53+00:00","mainEntityOfPage":{"@id":"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/"},"wordCount":1165,"keywords":["Asian countries gain ground","largest trade surpluses","Latin America drops off list"],"articleSection":["Murray News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/","url":"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/","name":"Latin America drops off list of Brazil\u2019s largest trade surpluses - Murray Advogados","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/#website"},"datePublished":"2025-02-12T21:59:50+00:00","dateModified":"2025-02-12T21:59:53+00:00","author":{"@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"breadcrumb":{"@id":"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/murray.adv.br\/en\/latin-america-drops-off-list-of-brazils-largest-trade-surpluses\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"In\u00edcio","item":"https:\/\/murray.adv.br\/en\/home\/"},{"@type":"ListItem","position":2,"name":"Latin America drops off list of Brazil\u2019s largest trade surpluses"}]},{"@type":"WebSite","@id":"https:\/\/murray.adv.br\/en\/#website","url":"https:\/\/murray.adv.br\/en\/","name":"Murray Advogados","description":"PLG International Lawyers","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/murray.adv.br\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e","name":"Gelcy Bueno","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","caption":"Gelcy Bueno"},"url":"https:\/\/murray.adv.br\/en\/author\/news\/"}]}},"_links":{"self":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/92973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/comments?post=92973"}],"version-history":[{"count":1,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/92973\/revisions"}],"predecessor-version":[{"id":92974,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/92973\/revisions\/92974"}],"wp:attachment":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/media?parent=92973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/categories?post=92973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/tags?post=92973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}