Brazil-Russia Trade in 2022 Surpasses Record $8.8Bln, Ambassador Says

MOSCOW (Sputnik) - Trade between Brazil and Russia since the beginning of 2022 has reached almost $9 billion, Brazilian Ambassador to Russia Rodrigo de Lima Baena Soares said, adding that this figure has become a record for the two countries.

"I will tell you a few figures, they are very significant. As of November 2022, our trade turnover amounted to $8.8 billion. And in fact, this figure is a record. It is even more than in 2008 when these figures amounted to $8 billion," the ambassador told a webinar themed "Doing business in Brazil in current geopolitical realities."

The diplomat expressed his hope that bilateral trade would gradually reach the target level of $10 billion.

He noted that 23% of all fertilizers imported by Brazil came from Russia. According to him, Brazil also wants to replace producers who have left the Russian market.

Soares added that after the start of the Russian special military operation in Ukraine and the imposition of sanctions by the West, Brazil and Russia faced difficulties in mutual settlements, logistics, insurance, and freight.

At the same time, the ambassador noted that the parties were gradually finding ways to resolve these difficulties.