Brazil's exports of chemicals and chemical products to Spain have shown significant fluctuations over the past decade. In the current year, 2023, the value stands at 160.56 million USD. Examining the short-term trends, the past two years have presented mixed figures, with a slight increase of 3.17% in 2022 followed by a marginal decline of 1.99% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years reveals an average annual decrease of 2.24%.
Looking ahead, the forecasted data indicate a continuous decline, with the CAGR over the next five years predicted to be -1.77%, translating into an overall 8.54% reduction in export value by 2028. Future trends to watch for include shifts in global trade policies, potential economic recovery post-pandemic, and advancements in Brazil's chemical industry which could either mitigate or exacerbate the downward trends.
- Short-term trends: -1.99% in 2023 following a 3.17% growth in 2022.
- Long-term average variation: 5-year CAGR of -2.24%.
- Forecast trends: Future 5-year CAGR of -1.77% leading to an 8.54% reduction by 2028.
