Trade surplus hits USD 4.56 bn
The result is the highest ever for a February in Brazil since record-keeping began in 1989. The USD 7.3 billion surplus year-to-date through February was also an all-time high for the period.
São Paulo – Brazil posted a USD 4.56 billion trade surplus in February, the highest since record-keeping started in 1989. Year-to-date through February, another record surplus was recorded at USD 7.3 billion.
Last month’s surplus was a result of USD 15.472 billion in exports and USD 10.912 billion in imports.
According to data released by the Ministry of Industry, Foreign Trade and Services this Thursday (2), average daily exports (USD 859.6 million) were 22.4% higher than in February 2016, and up 26.8% from January 2017.
Foreign sales were driven by basic goods, with a 48.3% increase year-on-year, especially crude oil, iron ore, soy, pork, and poultry. Finished goods exports were up 5.7%, especially for fuel oil, cargo vehicles, automobiles, aluminum oxides/hydroxides, and plastic polymers. Semi-finished goods exports climbed by 2%, buoyed by cast iron, raw soy oil, semi-finished iron/steel products, ferroalloys and timber.
Exports to the Middle East were up 22.6% year-on-year in February, fueled by soy, iron oore, poultry and beef, cast iron pipes, wheat, coffee, petcoke, chassis and motors, and livestock.
Fuel and lubricants imports drove growth in foreign purchases with a 34.9% increase, followed by intermediate goods, up 16.3%. Imports declined for capital goods (-9.8%) and consumer goods (-4.4%).
Sales from the Middle East to Brazil widened by 48.3%, with highlights including oil, urea, fertilizers, potassium chloride, aircraft parts, acyclic alcohols, insecticide, aluminum alloys, sulfur, and vegetable seeds.
*With information from Agência Brasil. Translated by Gabriel Pomerancblum