Trading relations: how much is Brazilian trade worth to the UK?

In his 2014 Budget announcement, George Osborne recognised the importance of getting the balance of imports and exports back in line. The Chancellor voiced aspirations to boost UK exports to as much as £1tn by 2020, in a bid to make Britain the most competitive export finance in Europe and on par with the United States.

The UK has a strong and historic trading relationship with Brazil, going back over 200 years. At present, it is the UK’s largest trading partner in Latin America with a bilateral trade in goods and services worth an estimated £7.7bn.

With the World Cup 2014 upon us and the partnership between Britain and Brazil as consecutive hosts of the Olympic Games boosting relations between the two countries, George Osborne revealed that UK Trade and Investment (UKTI) will focus on backing British businesses seeking to secure contracts in Brazil.