The United States (US) is consolidating its position as a strategic market for Brazilian exports, especially of industrial goods, according to the most recent edition of Amcham's Brazil-US Trade Monitor. From January to September 2024, Brazilian exports to the US reached a record value of US$29,4 billion, an increase of 10,3% compared to the same period last year, with an increase in sales from the manufacturing, extractive and agricultural industries.
This result positions the US as the fastest-growing market for Brazilian exports in the year to date, exceeding the increase in Brazilian sales to the world by more than 12 times (+0,8%). As a reference, the performance of Brazilian exports to other important trading partners was: the European Union (+4,9%), China (-1,2%) and South America (-19,8%).
"The record values of Brazilian exports to the US corroborate the importance of the bilateral economic partnership, crowning the milestone of celebrating 200 years of diplomatic relations between the two countries," says Abrão Neto, CEO of Amcham Brasil.
Bilateral trade flow reached US$60,1 billion, representing an increase of 8,2% compared to the same period last year. “This performance highlights the role of higher value-added sectors, such as the manufacturing industry, in building an increasingly promising relationship,” adds Abrão Neto.
Brazil's exports to the US between January and September 2024 grew both in value (+10,3% or US$ 2,7 billion) and in volume (+13,8% or 3,7 million tons). Both represent record numbers for the period.
There was an increase in 8 of the 10 main products exported to the USA by Brazil in the period, with emphasis on beef (+107,7%), petroleum fuels (+98,0%), crude oil (+32,5%) and aircraft (+31,9%).
On the other hand, Brazilian imports from the US totaled US$ 30,7 billion, an increase of 6,2% compared to the same period in 2023. In comparison, Brazil's total imports grew 8,0% in the period.
The trade deficit with the US was the smallest in the last seven years, registering a contraction of 42,9%, worth -US$ 1,3 billion.
The value of Brazilian industrial exports to the United States reached an unprecedented US$23,3 billion — an increase of 7,1%, or US$1,6 billion, compared to last year. “This result contributes significantly to Brazil’s goal of adding more value to its production and exports,” emphasizes Abrão Neto. In comparison, Brazil’s global industrial exports grew by just 1,5%.
The US remained the main destination for Brazilian industrial exports, ahead of partners such as the European Union (US$ 16,8 billion) and Mercosur (US$ 13,3 billion), which recorded drops of -5,7% and -11,7%, respectively, as the destination for external sales of these goods by Brazil.
By September 2024, the extractive industry accounted for 12% of Brazilian imports from the US, reflecting the strong 41,6% increase in value and positioning the US as the largest supplier of products from this industry to the Brazilian market.
Brazilian purchases of manufacturing goods from the US grew by 2,4%, representing 87,4% of total Brazilian purchases from the country. Agricultural products, which have a smaller share of total imports (0,5%), registered an increase of 90,2%.
Compared to Brazil's imports from the rest of the world, growth was 25,6% for agriculture, 3,4% for the extractive industry and 8,1% for the manufacturing industry.
There was growth in value for 8 of the 10 main items imported by Brazil from the US, including natural gas (+675%), aircraft and their parts (+68,6%), medicines (29,7%) and non-electric engines and machinery (+24,0%).
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