Islip FTZ Authority

The 2014 FIFA World Cup is just now wrapping up after nearly a month of excitement, passion and bitter disappointment. Millions have flocked to Brazil to celebrate their love of the sport, and Americans have been right there with the most rabid of the fans. In fact, the United States bought more than 150,000 tickets to the games, according to the Brazilian Federal Government, which is more than any other country outside of Brazil.

 

By going to Brazil to cheer on the ultimately eliminated U.S. team, fans from the U.S. have done more than just support the players. They have helped to contribute to the United States' growing international trading relationship with Brazil. The International Trade Administration (ITA) has been making efforts to strengthen this relationship.

Brazil has an economy that is similar in many ways to the United States, and they reap the benefits of being such close neighbors to our country. Their economy, like ours, is primarily service-based. Services made up 68.5 percent of Brazil's total economy in 2012, whereas the U.S. economy was 78.6 percent service-based in 2011.

Brazil is considered a net exporter to the world, meaning they export more than they import. Their trade balance in 2013 was $2.5 billion, but their exports totaled $242 billion in that year. However, Brazil does its fair share of importing as well, especially importing goods from the U.S. In 2013, Brazil received $44.1 billion in U.S. exports, earning the country a spot in the Top 10 U.S. Export Markets. U.S. import export businesses primarily send chemicals, transportation equipment, computers and other electronic products, machinery, and petroleum and coal products to Brazil.

The United States is determined to build upon our already strong international commerce relationship with Brazil even after the 2014 World Cup has long been settled and things have returned to normal. The Department of Commerce, the ITA and other government agencies have partnered together to further develop our commercial relationship with Brazil. The ITA currently has five offices located throughout Brazil. Its commercial specialists have the connections to help U.S. companies to meet and foster relationships with the qualified partners that can lead to mutually beneficial business opportunities.

New developments are happening every single day in our country's international trade and business relationship with Brazil. The ITA has even set up websites (http://www.export.gov/brazil) and a Twitter feed (@Export2Brazil) so that international traders and other interested parties can keep up with the very latest in news regarding exporting to Brazil.