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Russia has been supplying record volumes of fertilizers to Brazil, a fellow BRICS member, according to Brazilian customs data. Brazil is the world’s biggest importer of soil enhancers, with imports from Russia exceeding 1 million tons over the three consecutive months – May, June and July. Monthly shipments reached an average 1,140,000 tons, a growth of 7.5% over the same period in 2023.
Russia is Brazil’s leading supplier of fertilizers, with China second with an average of 783,400 tons a month. Brazil is a major global agricultural producer, and has been ramping up purchases of fertilizers in recent months due to increasingly challenging weather conditions.
Russia and Brazil have been expanding economic ties as mutual trade within the BRICS group continues to grow. Rodrigo de Lima Baena Soares, Brazil’s ambassador to Russia, said earlier this year that bilateral trade between the two countries had hit a record high of US$11 billion. Sao Paulo only recognizes sanctions issued by the UN Security Council, and does not comply with other, Western originated trade restrictions on Russia.
Taking advantage of these new markets, Russia’s EuroChem fertilizer producer has opened a new factory in Brazil with an annual production capacity of one million tons of advanced phosphate fertilizers. EuroChem invested around USS$1 billion in the project, which it acquired from Norway’s Yara in early 2022 while it was still under construction, when the Norwegian side pulled out following political pressure.
Russia’s multilateral trade with nearly all the BRICS economies – including China, Egypt, Ethiopia, India, Iran, South Africa and the UAE has been increasing. The BRICS economies now account for about 35% of global GDP compared to 30% by the G7 countries.
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