Record-Setting Exports and Positive Balance for Brazil — Exceeding USD 2 Billion — Show Canada’s Growing Presence on the Radar of Brazilian Companies

By Marcel Salim

Canada has just climbed one position in the ranking of top destinations for Brazilian exports, moving from 10th to 9th place. This achievement reflects the ongoing and significant records in Brazilian product exports to the North American country, according to data compiled by the Quick Trade Facts study, conducted Chamber of Commerce by the Brazil-Canada (CCBC).

From agribusiness to aviation, mining to industry, Brazilian exports to Canada totaled USD 4.4 billion (FOB) between January and September 2024, reaching an all-time high during a third quarter. This increase represents a 7% growth compared to the same period in 2023.

“Over the last decade alone, exports have grown over 60% overall, symbolizing a milestone in the bilateral relationship between the two countries. This result reflects the intensive work carried out not only by institutions like ours but also by the Brazilian and Canadian governments through trade actions by the Embassies and Consulates of both countries. All these efforts aim to foster new business opportunities and enable Brazilian companies to use Canada as a gateway to new markets—not just in North America, but also in Europe and even Asia,” says Hilton Nascimento, CCBC’s Commercial Director.

The performance in exports has contributed to a bilateral trade surplus for Brazil, totaling USD 2.2 billion (FOB) between January and September this year—the highest level in history. This figure represents a 50.5% increase over the same period in 2023, when the surplus was USD 1.5 billion (FOB). To illustrate, the balance was negative for Brazil at USD 362 million (FOB) in 2022.

The trade flow reached USD 6.7 billion (FOB) from January to September 2024, slightly below (-2.6%) the USD 6.8 billion (FOB) recorded a year earlier. Nonetheless, the outlook remains optimistic for the total year, with expectations approaching the record seen in 2022, when trade between the two countries surpassed USD 10 billion.

Outlook

“We are confident that 2024 will deliver significant results. The extensive schedule of meetings and initiatives to strengthen and expand business between Brazil and Canada, combined with the work of CCBC’s regional offices in various locations of both countries to secure new agreements, has been instrumental in expanding bilateral relations,” evaluates Daniella Leite, CCBC’s Director of Memberships and New Business.

The executive emphasizes that CCBC conducts various trade missions from Brazil to Canada each year, covering topics such as artificial intelligence, food and beverage, mining, Industry 4.0, healthcare innovation, clean technologies, energy transition, executive education, and even the creative economy.

Exports on the Rise

Top highlights among Brazilian exports to Canada with the largest weight in the trade balance during the period include precious stones and metals, including gold (28% of total exports); alumina (aluminum oxide), accounting for 24% of the total; aircraft and equipment, including parts (9.9%); and sugars and molasses (9.3%).

In agribusiness, coffee in its unroasted and bean forms was predominant, showing a 95% increase in exports and representing nearly 3.5% of the total products sent to Canada, amounting to USD 153.7 million (FOB) between January and September 2024. This figure shows that Canadian consumers are increasingly embracing the taste of Brazilian products.

Imports

Purchases of Canadian products by Brazil totaled USD 2.2 billion (FOB) in the first nine months of 2024, a 17.3% decrease compared to the same period last year. This drop is primarily attributed to a combination of factors, including the devaluation of the Brazilian real against other currencies, which makes Canadian products more expensive for the Brazilian market.

Imports of fertilizers totaled USD 1.09 billion (FOB) between January and September 2024. This total is 33% lower than the USD 1.95 billion seen in the same period in 2023. Despite the decline, this category remains the top import item from Canada, accounting for 49% of total imports.

Other notable products among imports include non-electric engines and machinery, which saw an increase of 98.4% to USD 191 million (FOB); and aircraft and other equipment (including parts), with a rise of 37.2% to USD 137 million (FOB).

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Access complete data and analysis in CCBC’s: Quick Trade Facts