Brazil Trade Surplus At Record High For February Month

Brazil recorded a USD 4560 million trade surplus in February of 2017, 50 percent higher than a USD 3042 million surplus a year earlier and beating market expectations of USD 3270 million. It is the largest trade surplus on record for a February month.

Exports rose 15.9 percent year-on-year to USD 15,472 million, following a 32.6 percent jump in the previous month. Accounting for calendar effects, sales rose at a faster 22.4 percent, mainly boosted by oil (326.6 percent); iron ore (126.2 percent); soybeans (107.2 percent); pork (40 percent) and chicken meat (35.8 percent). In addition, shipments also rose for fuel oil (480.7 percent); cargo vehicles (38.8 percent); passenger cars (31.6 percent); cast iron (139 percent); crude soybean oil (109.9 percent) and semimanufactured iron and steel (92.6 percent).

Imports went up 5.9 percent year-on-year to USD 10912 million, easing from an 18 percent jump in January. Accounting for calendar effects, purchases rose 11.8 percent, mainly due to intermediate goods (16.3 percent) and fuels and lubricants (34.9 percent), as prices went up for diesel, gasoline, coal, coal, butane and liquefied propane. On the other hand, imports fell for capital goods (-9.8 percent) and consumer goods (-4.4 percent).

Considering the first two months of 2017, Brazil recorded a USD 7,300 million trade surplus, the highest for the period since the series began. Exports jumped 20.5 percent and imports increased at a slower 9.2 percent. Sales rose the most for China (78.9 percent), the United States (15.3 percent) and Argentina (18.4 percent). 

Brazil Trade Surplus At Record High For February Month

Joana Taborda |
3/3/2017 4:44:57 PM