From a peak of $46.189 million in 2013, Brazil's exports of chemicals and chemical products to Saudi Arabia have seen a significant downward trend, reaching $10.34 million in 2023. Over this period, the export values showed high variability, with a particularly steep decline between 2013-2014 (-62.38%) and continuous drops in the following years. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 indicates an average annual decline of 4.01%. This overall decline persisted in 2023 with a year-on-year decrease of 4.08% compared to 2022.
Looking ahead to the forecasted data from 2024 to 2028, the trend of declining exports is expected to continue, with a forecasted 5-year CAGR of -3.99%. This suggests an overall decrease of 18.42% by 2028. Year-on-year changes are not projected to deviate significantly from this decline, indicating a consistent downward trend.
Future trends to watch for include shifts in global trade policies, fluctuations in global demand for chemicals and chemical products, and the influence of regional economic policies in both Brazil and Saudi Arabia. Additionally, monitoring innovation in chemical product production and any potential political changes impacting trade agreements will be crucial. These factors could help understand possible deviations from the forecasted downward trend.
