Russia-Brazil trade saw a remarkable increase in December 2023, soaring to $1.6 billion, marking a historic high, according to Brazil's Secretariat of Foreign Trade.
Brazil's imports from Russia surged to a record $1.5 billion by the end of 2023 — the highest in modern history, primarily driven by 1.5 million tons of petroleum, which amounted to $1.14 billion.
The official data shows that between January and August 2023, Russia accounted for 35.6 percent of Brazil's diesel imports by value and 40.6 percent by volume. During this period, Brazil's diesel imports from Russia grew to $2.11 billion, marking a significant rise from the prior year's $18 million and outpacing the $1.83 billion from the US.
The 1.5 million tons of petroleum supplied by Moscow makes Russia Brazil's number one diesel importer. The United States came next, supplying 413.5 thousand tons of fuel to the Latin American nation, while the Netherlands was third with 108.6 thousand tons.
In 2023, Russia consolidated its spot among Brazil's leading five trade partners, capturing 3.6 percent of Brazil's imports, an increase from the 3.2 percent recorded from January to August 2022.
In addition, last December, Brazil imported fertilizers from Russia worth $304.4 million, along with iron and steel valued at $14 million and uranium totaling $10 million.
However, exports from Brazil to Russia dipped by 17 percent to $63.6 million. Meat accounted for $30 million, coffee for $17 million, and peanuts for $11 million.