The United States continued to be its main trading partner, accounting for 40.7% of revenues from service exports and 37.6% of expenditures on service imports.

Brazil reached a record value in its services exports in 2023, exceeding US$ 45.2 billion, which represents an increase of 12.2% compared to the previous year, according to the Annual Report on Foreign Trade in Services 2023, published by the Ministry of Development, Industry, Commerce and Services of Brazil.

One of the main increases in service exports was recorded in the travel category, which represents the spending of foreign travelers in Brazil. This saw a growth of 39.5%, reaching US$6.9 billion, a value higher than the pre-pandemic level.

In terms of volume, other business services, including architecture and engineering, which include a series of technical and scientific services, research and development, accounted for the largest proportion of the total (43.2%), totaling US$19,500 millions.

Brazilian imports of services also grew, totaling US$82.8 billion, the highest value since 2014.

Among the most notable, there was a 23.9% drop in transportation expenses, a 31.1% increase in telecommunications, computing and information, and a 19.3% growth in the travel category, which in this case represents the expenses of Brazilians abroad.

The United States continued to be Brazil's main trading partner, accounting for 40.7% of revenues from service exports and 37.6% of expenditures on service imports. Also worth noting is the growth in exports to the Netherlands (26.9%), Singapore (20.8%), Germany (13.3%) and Switzerland (12.5%).