The surge in oil production has propelled this commodity to the forefront of Brazil’s export portfolio, and this trend shows no signs of abating. Anticipated to persist, this growth is poised to contribute significantly to robust outcomes in the country’s foreign trade. Last year, crude oil exports soared to a record value of US$42.5 billion, constituting 12.7% of Brazil’s total exports. Notably, it stood as the second most significant item traded, trailing only behind soybeans (US$46.5 billion). In terms of volume, oil exports increased by 1.7% in 2022 YoY, reaching 68.7 million tonnes. From January to July this year, exports totaled US$22.3 billion, slightly below the same period in 2022 (US$23.1 billion). In 2022, Brazil solidified its position as the ninth-largest oil producer in the world while securing a spot among the top ten exporters.
Sources: O Estado de S. Paulo/Datamar News