During this year’s World Economic Forum in Davos, Switzerland, former Finance Minister Henrique Meirelles poked at former President Dilma Rousseff by stating that Brazil has been trying to open up its economy – “after years of isolation.” Meirelles’ statement, unsurprisingly, was exaggerated.
During her five-year administration, Rousseff promoted over 35 bilateral agreements with China. She furthermore promoted Brazil’s relationship with Mexico and signed deals with the U.S. It is also noteworthy that Rousseff nominated Roberto Azevêdo to lead the World Trade Organization – it was the first time a Brazilian had achieved such a position.
Still, the Brazilian economy remains fairly insular. Our exports account for just 1.3 percent of the world’s trade volume, almost three times less than that of the Netherlands.
Below, you’ll find a few charts to help clarify your understanding of how Brazil participates in global trade (Source: OEC/MIT).