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.
