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Brazil Shows Huge Trade Surplus

Brazil Shows Huge Trade SurplusBrazil Shows Huge Trade Surplus

In figures released from January to October of this year, Brazil registered a $38.5 billion trade surplus.

According to Brazil’s Ministerio da Industria, Comercio Exterior e Servicos (Ministry of Industry, Foreign Trade and Services), the figure represents the largest trade surplus the country has ever recorded for the period and is more than three times larger the 2015 surplus for the same period, NewsNow reported.

The record-breaking trade surplus came amidst drops in both exports and imports compared to 2015. In the ten-month period, Brazil’s exports totaled $153 billion, 5.1% lower than last year’s number. The country’s imports from January to October 2016 totaled $114.6, also down 23.1% from 2015.

According to government reports for 2016, released on Tuesday, Brazil expects to see a trade surplus in the $45 to $50 billion range. This amounts to more than double last year’s figure and could represent the largest annual trade surplus the country has ever seen. Brazil’s current highest annual trade surplus was seen in 2006, when the country registered a surplus of $46.4 billion.

For the month of October alone, Brazil registered $13.7 billion in exports, representing a 10.2% drop from October 2015. Brazilian imports for the month were $11.4 billion, also down 15% from last October. The resulting $2.3 billion trade surplus for the month is the largest seen for an October since 2011.

However, the October 2016 trade surplus is lower than September’s recorded surplus of $3.8 billion, representing a fall of 8.8%.

 

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