Lula on foreign trade with Russia: “Brazil cannot miss any opportunity”

In an interview at the end of his official agenda in Russia this Saturday, May 10, President Luiz Inácio Lula da Silva emphasized that one of the goals of the bilateral talks with Russian President Vladimir Putin was to work toward balancing the trade deficit between the two nations and to create opportunities for Brazil in sectors such as energy transition and the critical minerals area.

“We have a trade deficit in our relationship with Russia. In a flow of nearly USD 12 billion per year, we face almost USD 11 billion in trade deficit. My visit here was to discuss trade, to try to balance it, because we operate with the idea that a good trade policy is a two-way street. We buy and we sell in roughly the same proportion so that no one is harmed,” Lula said.

Lula recalled that Russia is an important partner in the areas of oil and gas, as well as in small nuclear reactors, “an extraordinary innovation that can ensure we have energy forever,” the president said. “We know that a country that wants to be the seventh, sixth, or fifth largest economy in the world needs a lot of energy and guarantees that it will never run out,” he said, noting that Brazil’s energy distribution system is already almost 100% integrated.

My visit here was to discuss trade, to try to balance it, because we operate with the idea that a good trade policy is a two-way street. We buy and we sell in roughly the same proportion so that no one is harmed,”
LUIZ INÁCIO LULA DA SILVA
President of the Republic

To expand trade avenues, the president included in his delegation ministers connected to the energy, science and technology sectors. In talks with Russian officials, he reestablished high-level dialogue channels between the two nations and agreed on the visit of Russian business leaders and representatives to Brazil in the coming months. One of the key areas of focus moving forward is the research and exploration of so-called critical minerals—such as lithium, cobalt, nickel, graphite, and rare earth elements—which are essential to strategic sectors like technology, defense, and the energy transition.

“We aim to increase our research and exploration of critical minerals, because that is all anyone talks about now—and we believe Brazil cannot afford to miss any opportunity,” Lula said. “The opportunity of the energy transition, the climate transition, and these critical minerals—because only 30% of our territory has been surveyed so far. There is still so much to explore, and we want to build partnerships with all countries that have expertise, so we can benefit from it and turn Brazil into a major economy.” He defined.

TRADE BALANCE — In 2024, bilateral trade between Brazil and Russia reached an all-time high of USD 12.4 billion (an increase of 9% compared to 2023). There were USD 1.4 billion in exports (an increase of 8% compared to 2023) and USD 11 billion in Brazilian imports (an increase of 9%). Currently, Brazilian exports are concentrated in soybeans (33%), unroasted coffee (18%) and beef (18%). Imports involve petroleum or bituminous mineral fuel oils (57%) and chemical fertilizers and manure (34%).