Russia and Brazil want to expand bilateral trade to up to US$16 billion.

247 - Russia and Brazil intend to expand bilateral trade to a level between US$15 billion and US$16 billion in the coming years, Andrei Guryev, president of the Russia-Brazil Business Council, told Sputnik on Friday (4).

“This year, we expect trade to continue growing. We have set a target of increasing it to US$15 billion to US$16 billion. Everything will depend on how business develops,” Guryev declared on the sidelines of the Russian-Brazilian Business Forum in Rio de Janeiro.

According to him, trade between the two countries reached a record US$12,4 billion in 2024.

Guryev added that Russian companies have been seeking to expand their logistics presence in Brazil, with investments in ports and warehouses.

The official, who also chairs the Russian Fertilizer Producers Association (RFPA), highlighted that Brazil is one of the main markets for Russian fertilizer exports, which require robust infrastructure to guarantee a continuous supply.

The Russia-Brazil Business Forum was held in Rio de Janeiro on July 3rd, as part of the program leading up to the BRICS summit, scheduled for July 6th and 7th.

Fertilizers - Russia increased its mineral fertilizer exports to Brazil by 20% in 2024, reaching a record 11,5 million tons, reported Andrey Guryev.

“In 2024, Russia increased its fertilizer exports to Brazil by 20% – reaching a record 11,5 million tons. This demonstrates that we are a leading, reliable, and, most importantly, sustainable supplier of environmentally friendly mineral fertilizers,” declared Guryev during the Russian-Brazilian business forum.

He stated that Russian fertilizers supply the entire Latin American market, including all Brazilian states. He further emphasized that choosing Russian products provides Brazilian farmers with a significant competitive advantage, especially given the growing global demand for sustainable agricultural inputs.