Brazil: GDP +3.2% in June
Russia increased steel exports to Brazil by about 12 times
Brazil’s economy recorded a 3.2% year-on-year growth in June 2024 and 1.4% growth compared to the results recorded in the previous month. According to data released by the Central Bank of Brazil (Banco Central do Brasil, BCB), this result indicates an improvement from the 0.4% growth recorded in May. As for the Latin American country’s economic performance for the year, Brazil is expected to end 2024 with growth of 2.2 percent.
Brazil is actively developing trade with its partners in the BRICS group of countries. In July 2024, Russia increased iron and steel exports to Brazil almost 12 times. Last month, the Russian metallurgy sold those ferrous metals to Brazil for $75.3 million, a record for the past three years.
Nevertheless, Russia remains the second largest supplier of iron and steel to Brazil, with another BRICS founding country in first place, namely China, which exported $187.4 million worth of these metals to Brazil in July. Germany is in third place with 34 million dollars.
Brazil is increasing its consumption of titanium, and Russia tripled its exports of this strategic metal for the aerospace industry in July. In terms of titanium exports, estimated at 1.25 million dollars, Russia has “squeezed” France (907 thousand dollars) and is now in second place after the USA (3.5 million).
