According to data from the Brazilian Secretariat of Foreign Trade (Secex), March saw the value of exported items to Russia increase by 54%, mainly soybeans, sugar, and coffee. In turn, the value of imports increased by 71%, with Brazil purchasing mostly fertilizers, coal, and fuel oils. “We saw a sharp drop in the trade flow to Ukraine in March. But, on the other hand, the increase in trade value with Russia seen in March results from the rise in prices, even though there is a 9.6% reduction in the total quantity imported,” said Herlon Brandão, undersecretary for Intelligence and Foreign Trade Statistics at the Ministry of Economy. Brazilian sales to Ukraine fell 59% in March, with the total stoppage of shipments of products such as soybeans, while purchases dropped 49%. According to Herlon Brandão, the significant rise in the ministry’s estimates for Brazilian international trade is attributable to the war in Eastern Europe, which impacted export expectations, and the decrease in the dollar-real exchange rate, which led to a higher forecast of imports.
Sources: Canal Rural/Datamar News