On behalf of the Norwegian Consulate General in Rio de Janeiro, Menon Economics has conducted a study on Brazilian-Norwegian trade relations and export opportunities. This report provides an overview of trade between Norway and Brazil, as well as a deep dive into sectors with high potential for Norwegian companies.

Brazil is one of Norway’s most important trading partners outside of Europe. Norwegian exports of goods and services amount to NOK 13.5 billion, of which NOK 9.1 billion were exports of goods. Export of goods mainly consists of chemicals and industrial goods, in addition to seafood. Export of services is primarily related to sea transportation and offshore supply services. In addition to direct trade relations, Norwegian companies have a significant presence in Brazil. More than 21,100 Brazilians work in Norwegian multinational companies. This is the second highest of any country after Sweden.

To identify Brazilian export markets of particular interest for Norwegian companies, we have developed a framework which considers Brazil’s market potential and Norwegian companies’ capabilities to tap into this potential. We have identified five industries with high potential for Norwegian companies. The five industries are:

• Offshore wind
• Hydrogen
• Maritime industry
• Offshore suppliers
• Seafood

I addition, we highlight floating solar power and battery technology as industries with more immature value chains in a Norwegian-Brazilian context.

Read the report here.