Minas's commercial relations with the international market boasted a positive balance in 2023. The state emerged as the country's third-largest exporter with US$40.2 billion in exports, representing a marginal increase of 0.1%, and commanding an 11.8% share. Notably, Minas reached 197 markets, with standout destinations including China (40%), the United States (9%), Argentina (5.1%), Netherlands (3.4%), and Germany (3%).
This data is sourced from the Minas Gerais Foreign Trade Panorama 2024, compiled by the State Secretariat for Economic Development (Headquarters-MG) in collaboration with the Subsecretariat for Investment Promotion and Production Chains (Subinvest). These figures, referring to 2023, underscore the efforts of the Government of Minas Gerais in fostering foreign relations and bolstering exports.
In the preceding year, Minas's total trade flow amounted to US$55.7 billion, resulting in a surplus of US$24.7 billion—a notable 9.4% increase compared to 2022.
Fernando Passalio, the Secretary of State for Economic Development, elucidates, “Our export and foreign trade promotion policy pivots on three pillars: diversification of buyer and supplier markets, adding value to the export basket, and enhancing the domestic market environment. Over the past five years, we have diligently pursued these objectives, yielding significant outcomes, and remain steadfast in expanding trade relations between Minas Gerais and the global community.”
Minas Gerais' export repertoire was primarily led by the transformation industry (42%), trailed by the extractive industry (35%) and agriculture (23%). Key exports included iron ore (32.1%), coffee (13.8%), soybeans (8.1%), ferroalloys (5.6%), and sugar (4.7%).
The state's prowess in these sectors has positioned it as a national leader in the export of coffee (US$5.5 billion), iron and steel (US$4.7 billion), and precious stones (US$1.7 billion).
In 2023, the Metropolitan Region of Belo Horizonte (RMBH) took the lead in exports with a 38.1% share, followed by Triângulo Mineiro/Alto Paranaíba (18.3%) and Sul/Southwest of Minas (11.3%).
Frederico Amaral e Silva, the Undersecretary of Investment Attraction and Production Chains, emphasizes, “The 2023 Minas Gerais Foreign Trade Panorama underscores substantial growth, propelled by the government's initiatives in diversifying markets and prioritizing the export agenda. I underscore the pivotal role of industry and agriculture in the state's prominence, reflecting our strategy of fortifying commercial ties while fostering a conducive business environment. Our efforts are concentrated on implementing initiatives that cultivate a culture of exporting among Minas Gerais companies.”
Simultaneously, imports to Minas Gerais decreased by 11.8% compared to 2022, totaling US$15.5 billion. Despite this decline, the state maintained its status as the fifth-largest importer in the country, comprising 6.4% of Brazilian purchases. Notably, imports were predominantly from the manufacturing industry, constituting 93.7% of acquisitions.
Principal imports included passenger cars (6.5%), diodes, transistors, and similar devices (4.4%), coal (3.9%), fertilizers (3.1%), and goods transport vehicles (3.1%).
Once again, the Metropolitan Region of Belo Horizonte led the charge in imports, accounting for 36.3%, followed by South/Southwest of Minas (26.1%) and Triângulo Mineiro/Alto Paranaíba (16.7%).
Among the originating markets, China (25.7%) topped the list of primary trading partners in Minas Gerais imports, trailed by the United States (13%), Argentina (9.4%), Italy (4.8%), and Germany (3.7%), among 142 countries in total.
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