This paper explores recent trends in the bilateral trade relationship
at both an aggregated and disaggregated level. It then develops an econometric
model to explain British and Brazilian bilateral exports on a global basis, which
demonstrates that both countries have 'underperformed' in their exports to each
other. This is followed first by an analysis of British underperformance in the
Brazilian market and then by an analysis of Brazilian underperformance in the
British market. The final section looks at prospects for trade relations in the next
ten years
