Trade between Brazil and the United States in 2022 reached a historic level of US$ 88.7 billion. An original analysis of Amcham’s “Brazil-US Trade Monitor”, release by Canal Rural, indicates that the value surpassed the previous record set in 2021 by US$18.2 billion (25.8%).
The report, points to record values in Brazilian exports and imports from and to the United States, with growth in most of the most critical products.
“Such unprecedented results in all the main bilateral trade indicators reveal strong dynamism in the economic relations between the two countries, as well as an increased relevance of the United States for Brazilian foreign trade,” says Abrão Neto, new CEO of Amcham Brasil, an entity that gathers around 4,000 companies.
The Brazil-US Monitor shows that bilateral trade performed above the average for Brazilian foreign trade. The growth of exports from Brazil to the world was 19.3%, while to the United States, it was 20.2%.
The increase in total Brazilian imports was 24.3%, while the increase in purchases from the United States was 30.3%. As a result, the North American share in the Brazilian trade flow rose to 14.6%, reaching the highest level since the pandemic’s beginning.
In 2022, Brazilian imports from North America reached a record US$ 51.3 billion, an increase of 30.3% over the previous year. The average price increase of 35.6% largely explains this growth, especially for fertilizers, fuels, and coal.
In turn, exports from Brazil to the United States jumped 20.2% compared to 2021, reaching an unparalleled value of US 37.4 billion, driven both by the increase in prices and by the growth in the volume of exports, which occurred in 7 of the top 10 items shipped to the United States.
However despite the historical value of bilateral trade, Brazil accumulated a record-high negative balance of US 13.9 billion, almost 70% greater than in 2021.