In the last decade, Brazil has been one of the fastest growing emerging markets. It is currently the largest economy in Latin America, and seventh largest in the world. This week’s trade spotlight highlights the importance of U.S.-Brazil trade relations and how the relationship benefits American farmers, ranchers, entrepreneurs, and workers.
As one of the fastest growing emerging markets, and a country that the International Monetary Fund projects is poised for continued growth, Brazil is an important trading partner for the United States. In 2010, U.S. goods and services trade with Brazil was $81 billion, with exports accounting for $52 billion and imports accounting for $29 billion. This resulted in a goods and services trade surplus of nearly $23 billion for 2010, a 61 percent increase from 2009.
Brazil is the 10th largest goods trading partner with the U.S., with goods trade surplus of more than $11 billion in 2010. Trade in services between the U.S. and Brazil totaled more than $21 billion in 2010. Additionally, the services surplus for the United States was more than $11 billion.
In 2010, Brazil was the United States’ 8th largest goods export market. U.S. goods exports to Brazil were more than $35 billion, a near 36 percent increase from 2009. Overall, U.S. exports to Brazil accounted for nearly 3 percent of total U.S. exports in 2010. The top U.S. exports to Brazil were machinery, aircraft, and electric machinery. Additionally, the U.S. exported $578 million worth of agricultural products to Brazil in 2010. The leading categories of agricultural exports were wheat, cotton, dairy products and sugars and sweeteners.