The purpose of this research is to analyze the dynamics of Brazilian exports of Non-Renewable Natural Resources (NRNR) over the period 2000-2012. The Revealed Comparative Advantage Index (RCA) and the Constant Market Share model (CMS) were calculated and the results showed that Brazil presented Revealed Comparative Advantage in exhaustible natural resource exports over the period, but these advantages were concentrated in ores, slag and ash; and iron and steel. It was found continuous increase in the VCR index for mineral fuels, distillation products etc., suggesting a shift in trend of comparative disadvantages for revealed comparative advantage in the next years. On the other hand, Brazil has reduced comparative advantages in exports of aluminum and articles thereof, presenting comparative disadvantages between 2010 and 2012.The commodity effect was the main factor contributing to the growth of Brazilian RNNR exports between 2004 and 2012, and the competitiveness effect was the main factor driving the growth of Brazilian NRNR exports from 2000 to 2003, characterized by the currency devaluation in Brazil.