Brazil's trade balance records first monthly deficit since Jan. 2022
The decline in the prices of various commodities (primary goods with international pricing) and the significant import of oil rigs put pressure on the trade balance in February. Last month, Brazil's imports exceeded exports by $323.7 million.
This was the first monthly trade balance deficit (exports minus imports) since January 2022, when the balance was negative by $10.21 million. It also marks the worst result for February since the historical series began in 1989. In February 2024, the trade balance had been positive by $5.13 billion.
The February result brings the trade surplus for the first two months of the year to $1.934 billion, a decrease of 82.9 percent compared to the same period in 2024.
In terms of the monthly result, exports fell, while imports surged, largely due to the $2.7 billion purchase of oil rigs. In February, Brazil's exports amounted to $22.929 billion, a 1.8 percent decrease compared to the same month in 2024. Meanwhile, imports totaled $23.253 billion, marking a 27.6 percent increase.
On the export side, the decline in international prices for iron ore, oil, soybeans, and sugar were the primary factors driving the drop.
Regarding imports, the purchase of oil platforms reached $2.675 billion in February, up from just $16.39 million in the same month last year, significantly boosting the value of foreign purchases. Additionally, imports of engines and vehicles also saw a rise.
Quantities
In February, the volume of goods exported increased by 1.4 percent, driven by fuels, sugars, and vehicles, though prices fell by an average of 3.6 percent compared to the same month last year. As for imports, the quantity purchased rose by 20.2 percent, while average prices dropped by 6.1 percent. This suggests that the growth in foreign purchases was driven by the economic recovery, alongside the significant influx of oil rigs.
