Brazil, which is known as The Federative Republic of Brazil. It is the largest and easternmost country in South America and Latin America. Brazil is the world's 5th largest country by land and the 7th most populated country in the world. Brazil's total population recorded 216 million in 2023. The GDP of Brazil has been increasing steadily and recorded as $2.6 trillion USD in the year 2023.
Brazil is the fastest growing economy and plays a vital role in the world Export Trade. In year 2023 Brazil Export ranked 23rd largest exporter in the world, the total export value accounted $262 billion in 2023 due to increase in the demand and robust economic growth.
Brazil's top exporting products in the year 2023 was IRON ORE and it is projected that it will continue to hold the top spot as their primary export product followed by soybeans and crude petroleum in the coming year. Other notable exports include sugar cane products, coffee beans, and poultry products. Brazil is the country consisting abundance of natural resources. The country vast reserves of minerals such iron ore, bauxite and copper. Therefore, it plays a significant role for mining industries.
Brazil top trading partner both in Export and Import is China followed by other countries USA and Argentina. These countries account for over half of Brazil’s total exports. Due to its geographic proximity within Latin American countries along with benefits of tariff-free agreement they became significant import trade partners for Brazil.