Brazil's trade balance records surplus of $74.55B in 2024
The decline in the prices of various agricultural products, coupled with increased imports driven by economic recovery, led to a decrease in Brazil's trade surplus (exports minus imports) in 2024.
According to the Ministry of Development, Industry, Trade, and Services, Brazil exported $74.552 billion more than it imported in 2024. This represents a 24.6 percent decline compared to 2023, when the trade balance set a record with a surplus of $98.903 billion. Nevertheless, it remains the second-largest annual surplus since the historical series began in 1989.
In 2024, Brazil exported $337.036 billion, a slight decrease of just 0.8 percent from the record $339.696 billion in 2023. Meanwhile, imports grew by 9 percent, reaching $262.484 billion, up from $240.793 billion in 2023.
Last year, the total volume of exported goods grew by 3 percent, despite a 3.6 percent drop in average prices. Imports saw a 17.2 percent rise in volume, driven by increased consumption fueled by economic recovery, while average prices for imported goods declined by 7.4 percent.
In 2024, crude oil surpassed soybeans to become one of Brazil's top exports. The value of crude oil exports rose by 5.2 percent, driven by a 10.1 percent increase in volume, while average prices dropped by 4.4 percent. In contrast, soybean exports declined by 19.4 percent in value, with a 3 percent decrease in volume and a 16.9 percent drop in average prices.
