29.1 C
Delhi
Saturday, June 22, 2024

Surge in Russian exports to Brazil revealed

The South American nation has more than doubled imports from Russia since 2021

Imports of Russian goods to Brazil surged by nearly 120% in March compared to the same month two years ago, according to official figures released by Brazil’s Economy Ministry.

The country imported just over $746 million worth of goods from Russia last month, compared to $343 million in March 2021, the statistics show, with fertilizers being the main product imported.

Brazil also started to buy diesel fuel from Russia, with imports expected to soar. According to a recent report by Reuters, Russia’s share of Brazil’s diesel fuel imports will reach 53% in April, compared to just 0.2% a year ago.

Brazil has traditionally bought the fuel from the US; however, Russian diesel now comes with a hefty discount that is difficult to compete with, Reuters wrote.

Despite the sanctions on Moscow, Brazil has no import restrictions on Russian diesel. Russian energy products were banned in Europe and the US last year, and Moscow has sought out new buyers.

The flow of Russian goods to Brazil was at its highest last May, worth just over $1 billion.

Read more

Chinese President Xi Jinping (L) and Brazil's President Luiz Inacio Lula da Silva, accompanied by their wives, attending a welcome ceremony at the Great Hall of the People in Beijing on April 14, 2023.
Lula’s China trip proves Latin America is no longer the ‘backyard’ of the US

Exports from Brazil to Russia have seen an increase by 50% over the past two years, from $119 million in March 2021 to $179 million last month. Brazil mainly exports soybeans, meat, and coffee to Russia.

Both nations are members of the BRICS group of emerging economies, which also includes India, China, and South Africa.

Earlier this week, Brazilian Foreign Minister Mauro Vieira criticized the economic sanctions that the US, EU, and allies imposed on Russia, saying they are having negative consequences for economies worldwide, especially in developing countries. Vieira made the comments during Russian Foreign Minister Sergey Lavrov’s visit to Brazil.

For more stories on economy & finance visit RT’s business section

April 19, 2023 at 05:47PM
RT

Most Popular Articles