Brazil imported US$240.8 billion worth of products sourced from around the globe in 2023.

That dollar amount reflects a 35.8% increase compared to $177.3 billion five years earlier during 2019.

Year over year, the overall cost of goods imported into Brazil retreated by -11.7% from $272.7 billion in 2022.

Based on the average exchange rate for 2023, the Brazilian real has depreciated by -26.6% against the US dollar since 2019 but rose by 3.3% from 2022 to 2023. Brazil’s weaker local currency compared to 2019 made Brazilian imports paid for in stronger US dollars relatively more expensive when converted starting from the Brazilian real.

Domestically, Brazil’s inflation rate for average consumer prices increased by 4.731% from 2022 to 2023 down from average inflation of 9.28% for the prior year.

Brazil spends most on imported products led by processed petroleum oils, crude oil, automobile parts or accessories, turbo-jets then cars. Those 5 leading products represented almost one-fifth (19.1%) of Brazil’s total imports by spending in 2023.

Given Brazil’s population of 216.4 million people, its total $240.8 billion in 2023 imported goods translates to roughly $1,100 in yearly product demand from every person in the South American nation. That per-capita amount lags the average $1,300 for 2022.

Brazil’s Best International Trade Suppliers

The latest available country-specific data shows that 68.4% of products imported from Brazil were furnished by exporters in: mainland China (22.1% of the Brazilian total), United States of America (15.9%), Germany (5.5%), Argentina (5%), Russia (4.2%), India (2.9%), Italy (2.4%), Mexico (2.3%), France (2.29%), Japan (2.1%), South Korea (2%) and Chile (1.8%).

Applying a continental lens, 38.5% of Brazil’s total imports by value in 2023 were purchased from Asian countries. Trade partners in Europe supplied 25.8% of imports sold to Brazil while another 19.7% was provided by exporters in North America.

Fellow Latin America nations plus the Caribbean but excluding Mexico furnished 12.2% worth.

Smaller percentages came from suppliers in Africa (3%) and Oceania (0.9%) led by Australia.

Brazil’s Top 10 Imports

The following product groups represent the highest dollar value in Brazil’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Brazil.

1. Mineral fuels including oil: US$36.7 billion (15.3% of total imports)
2. Machinery including computers: $34.7 billion (14.4%)
3. Electrical machinery, equipment: $28.7 billion (11.9%)
4. Vehicles: $18.6 billion (7.7%)
5. Fertilizers: $14.7 billion (6.1%)
6. Organic chemicals: $13.5 billion (5.6%)
7. Pharmaceuticals: $11 billion (4.6%)
8. Plastics, plastic articles: $9.2 billion (3.8%)
9. Optical, technical, medical apparatus: $7.5 billion (3.1%)
10. Other chemical goods: $7.1 billion (3%)

Brazil’s top 10 imports accounted for about three-quarters (75.4%) of the overall value of its product purchases from other countries.

The fastest growers among Brazil’s costliest imported product categories were vehicles (up 13.2% from 2022), pharmaceuticals (up 10.7%), then optical, technical and medical apparatus (up 8.2%).

The severest year-over-year decline was the -40.9% reduction for Brazilian spending on imported fertilizers from 2022 to 2023.

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented under the section below is at the more granular 4-digit product code level.

Brazil’s Costliest Fuel Imports

In 2023, Brazilian importers spent the most on the following 10 subcategories of mineral fuels-related goods.

1. Processed petroleum oils: US$17.3 billion (down -26.5% from 2022)
2. Crude oil: $9.1 billion (down -8.7%)
3. Coal, solid fuels made from coal: $4 billion (down -27.3%)
4. Petroleum gases: $2.3 billion (down -62.9%)
5. Coke, semi-coke: $1.8 billion (up 20%)
6. Electrical energy: $1.1 billion (down -25.9%)
7. Petroleum oil residues: $645.2 million (down -19.4%)
8. Coal tar oils (high temperature distillation): $255.1 million (up 3.4%)
9. Petroleum jelly, mineral waxes: $124.2 million (up 57.1%)
10. Tar pitch, coke: $103.7 million (down -1.2%)

Among these import subcategories, Brazilian purchases of petroleum jelly and mineral waxes (up 57.1%), coke and semi-coke (up 20%), then high temperature distilled coal tar oils (up 3.4%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Brazilian businesses and consumers.

Brazil’s Costliest Machinery Imports Including Computers

In 2023, Brazilian importers spent the most on the following 10 subcategories of machinery including computers.

1. Turbo-jets: US$6.6 billion (up 14.7% from 2022)
2. Transmission shafts, gears, clutches: $2.2 billion (down -4.3%)
3. Taps, valves, similar appliances: $1.8 billion (up 6.3%)
4. Piston engine parts: $1.54 billion (down -4.3%)
5. Computers, optical readers: $1.45 billion (down -17.9%)
6. Miscellaneous machinery: $1.34 billion (up 31.2%)
7. Centrifuges, filters and purifiers: $1.34 billion (up 11.3%)
8. Air or vacuum pumps: $1.22 billion (up 3.3%)
9. Liquid pumps and elevators: $1.17 billion (up 6.8%)
10. Machinery parts: $1.11 billion (down -19.7%)

Among these import subcategories, Brazilian purchases of miscellaneous machinery (up 31.2%), turbo-jets (up 14.7%), then centrifuges, filters and purifiers (up 11.3%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Brazilian businesses and consumers.

Brazil’s Costliest Electronics Imports

In 2023, Brazilian importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics.

1. Integrated circuits/microassemblies: US$4.8 billion (down -17.4% from 2022)
2. Solar power diodes/semi-conductors: $4.2 billion (down -24.6%)
3. Phone devices including smartphones: $4.1 billion (down -9.4%)
4. Electrical converters/power units: $1.7 billion (down -7.9%)
5. Lower-voltage switches, fuses: $1.3 billion (down -0.8%)
6. Insulated wire/cable: $1.25 billion (up 5.7%)
7. Flat panel displays: $1.18 billion (up 41.4%)
8. Electric motors, generators: $807.8 million (down -5.2%)
9. Electric storage batteries: $727.8 million (up 1.8%)
10. Electric generating sets, converters: $725.2 million (up 88.1%)

Among these import subcategories, Brazilian purchases of electric generating sets and converters (up 88.1%), flat panel displays (up 41.4%) then insulated wire or cable (up 5.7%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Brazilian businesses and consumers.

Brazil’s Costliest Vehicle Imports

In 2023, Brazilian importers spent the most on the following subcategories of imported vehicles.

1. Automobile parts/accessories: US$7.2 billion (down -4.1% from 2022)
2. Cars: $5.8 billion (up 59.2%)
3. Trucks: $3.4 billion (up 2.6%)
4. Motorcycle parts/accessories: $845.1 million (down -4.2%)
5. Tractors: $510.9 million (up 46.9%)
6. Special purpose vehicles: $217.3 million (up 19.2%)
7. Public-transport vehicles: $144.6 million (down -10.7%)
8. Trailers: $132.5 million (up 30.7%)
9. Automobile bodies: $96.6 million (up 37.3%)
10. Motorcycles: $73.9 million (down -4%)

Among these import subcategories, Brazilian purchases of cars (up 59.2%), tractors (up 46.9%) then automobile bodies (up 37.3%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentages within parenthesis clearly show where the declining demand lies for different types of imported vehicles among Brazilian businesses and consumers.
 

See also Brazil’s Top 10 Major Export Companies, Brazil’s Top Trading Partners, Brazil’s Top 10 Exports and Top South American Export Countries

Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on March 28, 2024

International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 28, 2024

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on March 28, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 28, 2024

International Trade Centre, Trade Map. Accessed on March 28, 2024