Brazil – potential market for Vietnamese exports

Export revenue to Brazil reached $676 million in Q1.

Brazil remains a huge and potential market for Vietnamese products, according to the Vietnamese Trade Office in Brazil.

With a diversified consumption demand, this market has attracted many kinds of Vietnamese commodities.

Vietnam exported products worth $676 million to Brazil in the first three months of 2024, a year-on-year rise of 5.5%, according to the General Department of Vietnam Customs.

The growth was seen in key products such as bags and luggage (up 19.7%), vehicles and equipment (17%), steel (107%), rubber (74%) and phones and accessories (7.5%).

However, Vietnamese firms are facing many difficulties to export to Brazil such as increasing transportation and logistics costs and fierce competition from such other countries as China, Indonesia, Thailand, Malaysia, the Philippines and Singapore.

The two-way trade turnover between Vietnam and Brazil in 2023 reached $7.11 billion, up 5% year-on-year. Of which, Vietnam exported over $2.44 billion worth of products to Brazil, soaring by 9% compared to 2022.

Source: en.vneconomy