Brazil Trade Surplus Smaller than Expected
Brazil trade surplus narrowed to USD 4.97 billion in September of 2018 from USD 5.18 billion in the same month a year earlier and below market expectations of a USD 5.9 billion surplus. Imports increased 4.7 percent mostly due to fuels & lubricants, while exports went up at a slower 3 percent on the back of a surge in crude oil sales.
Imports jumped 4.7 percent year-on-year to USD 14.1 billion, mainly boosted by higher purchases of fuels & lubricants (+18.5 percent), intermediate goods (+4.5 percent) and capital goods (+0.6 percent). On the other hand, purchases fell 3.9 percent for consumption goods. Imports went up from the US (+28.3 percent) and Argentina (+13.1 percent); but fell from China (-10.1 percent) and the EU (-10.2 percent).
Exports increased 3 percent to USD 19.1 billion, mainly due to higher sales of crude oil (+92.7 percent), soybeans (+13.7 percent), soybean meat (+30.7 percent), coffee beans (+11.8 percent), iron ore (+9.7 percent), cellulose (+21.6 percent) and beef (+26.5 percent). Contrarily, sales went down for corn (-34.3 percent), chicken meat (-9.1 percent) and raw sugar (-41.7 percent). Exports of manufactured goods dropped 8.9 percent. Among major trading partners, sales advanced 44.4 percent to China and 17.9 percent to the US, but fell 0.3 percent to the EU.
10/2/2018 10:47:37 AM