In 2023, Rio de Janeiro achieves a milestone in its trade chain, reaching a record-breaking $72 billion.

In 2023, the state of Rio de Janeiro set a significant trade record, reaching a historic high of US$72 billion in its trade flow. This marked a substantial milestone since the inception of the historical series in 2000, with both exports and imports reaching record values and resulting in a trade balance of US$20 billion.

Maintaining its position as the second-largest player in national foreign trade, Rio de Janeiro accounted for a 12.4% share, following São Paulo. The data is sourced from the Rio Exporta 2023 bulletin, compiled by Firjan Internacional, utilizing information from the Foundation Center for Foreign Trade Studies (Funcex) and the Federal Government's Secretariat of Foreign Trade (Secex).

Rodrigo Santiago, President of Firjan's International Relations Business Council, expressed positivity regarding the Brazilian trade balance in 2023. He highlighted the exemplary performance of Rio de Janeiro's industry, particularly in the oil sector, and emphasized the potential of other economic sectors, such as the automotive industrial chain in Southern Fluminense.

The state's passenger car exports experienced a 17% increase, totaling $304 million, with notable progress in the Argentine market. Nissan's director of External and Governmental Affairs, Fernando Flórido, highlighted the importance of a healthy business environment, logistical structure, and political understanding for international competitiveness.

In terms of overall exports, Rio de Janeiro reached US$45.9 billion in 2023, remaining stable compared to 2022, while imports totaled US$25.9 billion, reflecting a 2% increase from the previous year. The USA continued to be Rio de Janeiro's primary trading partner in both exports and imports, excluding oil.

Josefina Guedes, advisor to Firjan's International Relations Business Council, emphasized the USA's significance as the main importer of industrial goods in Rio de Janeiro, surpassing Europe. She noted that major companies like Celma, Gerdau, and Embraer had expanded their operations to North America, contributing to a consistent rise in bilateral trade.

Excluding oil, Rio de Janeiro witnessed a noteworthy 31% increase in exports to Asia, driven by a substantial 124% surge in shipments to China ($626 million). On the import side, the European Union, as the second-largest importing bloc, experienced a 19% increase, particularly from France and Germany.

Oil and natural gas accounted for 79% of Rio de Janeiro's total sales, reaching US$36.1 billion, reflecting a 2% increase from 2022. Additionally, there was a significant 35% increase in machinery and equipment shipments, totaling US$567 million. In total imports, there was a 13% rise in intermediate goods, amounting to US$14.2 billion, with a 14% increase in purchases of other transport equipment.

China remained the primary buyer of crude petroleum oil from Rio de Janeiro, maintaining a 48% share with purchases totaling US$17.2 billion. Notably, imports of oil recorded a 17% decrease in volume, with Saudi Arabia remaining the main supplier while purchases from Guyana surged by 356%. The average price of a barrel of oil in 2023 was US$91.73, indicating a 15% drop in the price index for Rio de Janeiro's oil exports, despite a 16% increase in total quantities exported compared to 2022. The machinery and equipment sector also saw a substantial 173% increase in the quantum index.