Economic Relations Between Russia and Latin America: Trade With Brazil and Mexico

This study investigates the economic relations between the Russian Federation and two key Latin American countries—Brazil and Mexico—focusing on bilateral trade flows patterns from the early 2000s to 2024. Against the backdrop of shifting geopolitical alignments and recurring global crises, this analysis seeks to understand the scope, dynamics, and limitations of Russia’s economic engagement with Latin America. Although Russia’s economic presence in the region remains limited compared to other major global actors such as China and the United States, there has been a notable intensification of trade relations in specific sectors and periods. The research highlights the asymmetrical and often volatile nature of these economic ties, which are shaped by both structural constraints, such as geographic distance, logistical costs, and lack of deep institutional frameworks and political factors, including sanctions, diplomatic alignment, and regional instability. Drawing on data from the Russia-Latin America Observatory (Ruslat), the study maps key trends in exports and imports between Russia and each of the two countries, identifying primary sectors of interaction. For instance, agricultural exports to Russia from Brazil, and recent surges in automobilist industry and technological exchanges with Mexico are examined in detail. In parallel, the study also explores Russian exports patterns of some goods, such as fertilizers, oil and mining. The paper argues that Russia’s economic strategy in Latin America, while opportunistic and reactive in many cases, reflects a broader effort to diversify international partnerships and reduce dependence on Western markets. By offering a comparative analysis across two diverse Latin American economies, this research searches to contribute to a deeper understanding of the evolving role of Russia as an economic actor in the region and its implications for Latin America's external relations and autonomy in a multipolar world. Keywords: Bilateral trade; Russia-Latin America Relations; Mexico; Brazil; Russia