“We are expecting further growth as many large trade delegations are scheduled to visit Brazil in the near future,” Ambassador Reddy said.
India and Brazil are on their way to realise the target of USD15 billion in bilateral trade which was announced in 2020 during the State visit of President Jair Bolsonaro to India.
In an exclusive interaction with Financial Express Online in Sao Paulo, Brazil, Ambassador of India to Brazil Suresh K Reddy said, “The two way trade between the two countries has witnessed an all time high growth. In 2021, our bilateral trade touched USD11.53 billion with an increase of 63.5 percent over 2020. Balance of trade was USD1.93 billion in favour of India.”
“India is now the 5th largest trading partner of Brazil. Today it is increasingly playing a vital role in meeting our export targets including the target of USD400 Billion in 2021.”
According to the Indian envoy “The 2022 has also started with great momentum. During Jan-Mar 2022, the bilateral trade was USD 3.082 billion, representing a 42.9 percent increase compared to the same period last year. At the same time, it’s noteworthy that our exports to Brazil were USD 1.766 billion, registering an increase of 28.9 percent and are more diversified as well.”
As has been reported in Financial Express Online earlier, in 2020, the two countries had inked 15 agreements at the end of talks between Prime Minister Narendra Modi and President Bolsonaro. The agreements are in a wide range of sectors including trade and investment, security and defence, energy, environment, agriculture and energy, civil aviation, health and innovation.
The two sides drew up an ambitious plan to boost their economies by expanding trade and set a target of USD 15 billion in bilateral trade by 2022. In 2018-19 bilateral trade between the two countries was USD 12 billion which included USD8 billion worth of Indian exports to Brazil and USD 4 million as imports by India.
Role of the Indian Mission
“We are expecting further growth as many large trade delegations are scheduled to visit Brazil in the near future,” Ambassador Reddy said.
The Indian mission has been doing an active outreach to Brazilian industries and this has resulted in many companies tapping into the large Indian market.
“We also estimate that Indian companies in Brazil today employ around 25000 Brazilians and this is only increasing,” he said.
More about bilateral trade between India and Brazil
Indian exports of USD6.73 billion registering an increase of 61.4 percent. And India ranked 5th in terms of Brazilian import destinations, and made for 3.07 percent of Brazil’s overall imports.
Indian imports of USD4.8 billion registered an increase of 66.4 percent and ranked 13th in terms of Brazilian export destination, and made for 1.71 percent of Brazil’s overall exports.
In Jan-Apr 2022, our bilateral trade touched USD 4.13 bn with an increase of 31.4 percent over the same period in 2021. Balance of trade is USD 624.3 million in favour of India.
It comprises of:
Indian exports of USD2.38 bn registering an increase of 27.3 percent and ranks 6th in terms of Brazilian import destination, and makes for 2.93 percent of Brazil’s overall imports.
Indian imports of USD1.75 bn registering an increase of 37.5 percent and India ranks 12th in terms of Brazilian export destination, and makes for 1.73 percent of Brazil’s overall exports.
https://www.financialexpress.com/defence/upward-swing-in-india-brazil-bilateral-trade-to-touch-usd-15-billion-soon/2551714/
