Brazil posts $8.4 billion trade surplus
According to MDIC, the surplus resulted from faster-dropping imports than exports
Brazil had a trade surplus of $8.4 billion in the first quarter of 2016. The Ministry of Development, Industry and Foreign Trade (MDIC) says it was the third highest result ever recorded for the period, behind only the first quarters of 2006 and 2007. In March, the balance of trade was a surplus $4.435 billion, a peak for the month since 1989.
Herlon Brandão, MDIC head of export support, said the surplus resulted from faster-dropping imports than exports, a trend that has been observed since last year. The government expects a $35 billion surplus for the end of this year.
According to Brandão, soybeans are among the top exports, with shipments up 49.8% and sales figures up 32.2% in March compared to the same month in 2015. The expected soybean shipments for the year is 56 million tons, as against 54 million tons in the previous harvesting season. Soybeans have had strong balance of trade performance in spite of price reductions.
Other commodities sold in larger amounts in the period were crude oil, chicken, and beef. Brazil's oil exports increased 12.6% by shipments but were down 40% by sales figures because of the falling oil prices. Among manufactured goods, vehicles are still among the strongest-performing items, a trend that has continued since the beginning of this year. The auto industry has benefited from the renewal of existing deals with Argentina, Mexico, and Colombia.
Vehicle exports were up 17% by number of units and 15.3% by sales figures compared to the same month last year, with passenger vehicles leading the statistics. The top markets were Argentina, Chile, Colombia, and Mexico.
In March, there were increases in Brazilian exports to China (12.3%), the Middle East (12%), and Canada (8.8%) compared to the same month in 2015. Conversely, import statistics have shrunk due to the economic crisis.
Translated by Mayra Borges
Fonte: Brazil posts $8.4 billion trade surplus
