Brazil’s trade balance registers historical surplus in March

The Brazilian trade balance achieved its highest surplus in history for the month of March, owing to increased exports of oil, corn, and soybeans. In the previous month, Brazil's exports exceeded its imports by $10.956 billion, indicating a 37.7 percent growth compared to March 2022. The country sold goods worth $33.06 billion while buying commodities worth $22.104 billion.

The data were released on Monday (Apr. 3) by the Ministry of Development, Industry, and Foreign Trade. 

During the first quarter of this year, the trade balance accumulated a surplus of $16.068 billion, indicating a growth of 29.8 percent compared to the same period in the previous year.

Exports set a record for the month of March, increasing by 7.5 percent compared to the same period last year. The surge was driven mainly by the rise in the volume of traded goods, rather than international prices. In March, the exported goods' average volume rose by 18.5 percent compared to the previous year, whereas average prices decreased by 5.6 percent.

Conversely, imports fell 3.1 percent based on the daily average criterion, but the higher number of working days in March this year resulted in the highest import value in history. The quantity of imported goods decreased by 3.7 percent, indicating an economic slowdown, but average prices increased by 2.4 percent. This price hike was mainly due to the surge in prices of non-electric motors, machinery, and chemical compounds, which became more expensive following the outbreak of the war between Russia and Ukraine. Furthermore, chemical fertilizers, which had a considerable price increase last year, declined by 24.4 percent in the comparison between March 2023 and 2022.