Brazil Trade Deficit Narrows 21.8% in January
Brazil trade gap decreased to USD 3.17 billion in the first month of 2015, from a USD 4.06 billion shortfall registered in January of 2014 as imports decreased slightly more than exports.
2/3/2015 4:00:09 PM
Year-on-year, exports fell 15 percent to USD 13.7 billion, the lowest value for a January month since 2010. Exports of manufactured products recorded the highest drop (-18.5 percent yoy), followed by basic goods (-15.15 percent) and industrial goods (-13.6 percent).
Although the United States were Brazil’s top export partner, accounting for 14.4 percent of total sales, exports shrank 3 percent. Shipments to China recorded the highest decrease (-35.3 percent) and accounted for 9.8 percent of total exports. Sales to Argentina and the European Union contracted 26.1 percent and 6 percent respectively.
Imports dropped 15.97 percent year-on-year to USD 16.88 billion in January. Oil imports fell the most (-81.7 percent), followed by automobiles (-32.3 percent) and durable goods (-21.5 percent). Purchases from the Middle East declined 63.8 percent and those from the African countries plunged 51.3 percent. In addition, imports from Argentina shrank 16.4 percent; those from the United States decreased 9.3 percent and purchases from China fell 3.1 percent.
In December, Brazil recorded a USD 0.29 billion surplus.