Brazil's Chemical Trade Deficit Rises on Imports

Nov. 27, 2023
Country's capacity utilization averaged 65% in 2023.

A surge of imports is expected to increase Brazil’s chemicals trade deficit as much as $47 billion in 2023, market research firm ICIS reported.

The country’s chemical trade group, Abiquim, said in October Brazil’s domestic chemicals production dropped to a 30-year low as demand is increasingly being covered by abundant and cheap overseas imports, particularly from Asia.

Capacity utilization has averaged 65% in 2023.

Brazil’s chemicals industry posted sales of $187 billion in 2022, ICIS reported. 

To read the full ICIS report, click here