The country also recorded the highest trade surplus in history, reaching US$ 3.53 billion
By Alessandra Taraborelli
Brazilian exports to Canada hit record levels once again in 2024. The total trade volume reached US$ 6.31 billion, marking a 9.44% increase from the US$ 5.77 billion recorded in 2023. This result confirms the upward trend observed since 2016, with exports to the North American country surging from US$ 2.36 billion—a remarkable 167% growth—according to data compiled by the Quick Trade Facts study, conducted by the Brazil-Canada Chamber of Commerce (CCBC).
The top three Brazilian export products in terms of value were gold, calcined alumina, and cane sugar, along with aircraft. When considering the highest growth rates compared to 2023, dielectric transformers led with a 359% increase, followed by copper (126%) and green coffee (110%).
“To put things into perspective, since the year 2000, exports have grown by over 1,000%. This result reflects the intense work carried out by institutions like ours, as well as by the Brazilian and Canadian governments. All these efforts aim to foster new business opportunities,” says Hilton Nascimento, CCBC’s Commercial Director.
The strong export performance contributed to a record-high trade surplus of US$ 3.53 billion for Brazil in 2024—the highest ever recorded. This figure represents a 47.4% increase from 2023, when the surplus stood at US$ 2.39 billion.
Total bilateral trade in 2024 amounted to US$ 9.1 billion, remaining stable compared to the US$ 9.14 billion recorded the previous year. This result was influenced by a decline in imports, which fell from US$ 3.37 billion in 2023 to US$ 2.78 billion last year.
“While a stronger U.S. dollar benefits exporting companies, it creates challenges for importers. Last year, the dollar maintained an upward trend, causing significant depreciation of the Brazilian real. This, in part, explains the drop in imports,” Nascimento explains.
The top three imported products during this period were potassium chloride (fertilizers), turbojet engines, plastics, and aircraft. The fastest-growing imports included other gas turbines with a power output exceeding 5,000 kW (up 378%), helicopters (195%), and niobium (191%).
Outlook for 2025
“We believe 2025 will be even more promising. To support this growth, CCBC has been actively organizing a robust agenda of meetings and initiatives to strengthen and expand business between Brazil and Canada,” says Nascimento.
He highlights that CCBC organizes multiple trade missions from Brazil to Canada each year, covering key sectors such as artificial intelligence, food and beverages, mining, Industry 4.0, healthcare innovation, medical-hospital systems, clean technologies, energy transition, executive education, and even creative industries.
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Access the full report and in-depth analysis in CCBC’s study: Quick Trade Facts.
