G20 Radio Bulletin 90 - Brasil's trade surplus with G20 countries has reached a record high

Brasil's exports to the G20 countries totaled 265 billion dollars and represented 78% of everything Brasil exported to the world in 2023. An increase of 4.6% over the previous year. Listen to the report and find out more.

Reporter: The G20 countries form a powerful economic bloc, accounting for approximately 85% of global GDP and 75% of international trade. But what is Brasil's trade balance with the G20 countries? Herlon Brandão, director of the Department of Statistics and Foreign Trade Studies at the Ministry of Development, Industry, Trade and Services, reported that Brazil's trade balance with the G20 countries in 2023 totaled 62.3 billion dollars. The director believes this to be a positive balance for the country. 

Herlon Brandão: The G20 represents the majority of Brazilian foreign trade partners. In 2023, it accounts for 78% of all of Brasil’s world exports. That year, Brasil exported 265 billion dollars to G20 countries. It was the all-time record for the series dating back to 1997. And on the import side, Brasil imported 203 billion dollars, representing 84% of everything imported by Brasil.

Reporter: Soybeans were Brasil’s main export product to G20 countries. China occupies the place of Brasil's main partner within the group, followed by the European Union, the United States, and Argentina. Tullio Cariello, content director of the Brasil-China Business Council, believes that Brasil can trade more complex products than just grains.

Tulio Cariello: We could have qualitative leaps in the sales of more elaborate products to be consumed directly by the Chinese.

Reporter: Igor Celeste, market intelligence manager at the Brazilian Trade and Investment Promotion Agency (Agência Brasileira de Promoção de Exportações e Investimentos - Apex), says that the agency has identified 9,000 commercial opportunities for Brazilian products and services in the G20 countries. 

Igor Celeste: There is a very wide range of sectors that can be promoted in these markets. I would highlight agribusiness, food, beverages, the fashion sector, and the home and construction sector. 

Reporter: Through its Trade and Investment Working Group, the G20 is promoting discussions about good practices for trade relations.