According to the latest numbers released by Apex-Brasil, Brazilian exports to, and imports from, the UK have bounced back strongly to pre-pandemic levels in the second quarter of 2021.
The total value of Brazilian exports to the UK increased by 41% year on year, which is 5% more than exported in the same period of 2019. Similarly, Brazilian imports of UK goods soared by 52% in Q2 2021, up 29% on Q2 2019 and the highest value since 2015. This equates to bilateral trade between Brazil and the UK reaching US$1.4bn (£1bn) between Brazil and the UK, a 46% increase on Q2 2020 and 15% above Q2 2019 levels.
Part of the increase is due to an upsurge in commodity prices, such as metal ores, oil and soy as well as export growth in transport equipment, chemicals and metallurgical products.
Brazil also recorded a large trade surplus with the EU of $911m (€756m, £652.1m), the highest for a quarter since 2011. This is a turnaround on the deficit of $1.4bn (€1.1bn, £1bn) Brazil had with the EU in Q1 2021.