In 2023, Espírito Santo's foreign trade surged by +3.75%, reaching a total of US$19.3 billion, the highest figure in its annual historical series, as reported by the Jones dos Santos Neves Institute (IJSN) in the Preliminary Commercial Balance Review. This growth comprised exports totaling US$9.5 billion (+4.17%) and imports of US$9.8 billion (+3.34%) compared to 2022.
While Espírito Santo witnessed growth, the national scene experienced a decline. Brazil's foreign trade contracted by -4.32% in the same period, amounting to US$580.5 billion. Notably, this marked the third consecutive year of growth for Espírito Santo's foreign trade, contrasting with the country's decline following two years of growth.
Paula Rubia Simões Beiral, a specialist in Public Policies and Government Management (EPPGG) at IJSN, attributed Espírito Santo's export growth to a significant transaction, particularly the export of a large vessel valued at US$386.05 million in June 2023. Regarding imports, Beiral highlighted the growth in the "vehicles, parts, and accessories" category, which contributed significantly to the overall increase.
Additionally, Beiral pointed out a noteworthy trend: while import prices rose by +9.60% in 2023, export prices experienced a -15.70% decline, resulting in a deterioration of trade terms.
In December 2023, Espírito Santo's foreign trade reached its highest monthly value of US$1.99 billion, marking a +20.49% increase from November. This increase stemmed from a +21.36% expansion in exports and a +19.85% rise in imports compared to the previous month. Compared to December 2022, the growth was even more substantial, with a +42.21% increase in foreign trade attributed to a +22.20% rise in exports and a striking +62.23% surge in imports.
Antonio da Rocha, the director of Integration at the Jones dos Santos Neves Institute, emphasized the significance of these results for Espírito Santo's economy, highlighting the role of foreign trade in job creation and income generation for its residents.
Brazil also saw growth in December 2023, with a +3.45% increase in exports and a +1.92% rise in imports, resulting in a +2.83% overall trade growth. In the year-over-year comparison, while exports increased by +9.48%, imports declined by -10.69%, resulting in overall stability (+0.35%) in Brazil's foreign trade.
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