Brazil September trade surplus hits record but misses expectations
Reuters
Published Oct 03, 2023 05:27
Updated Oct 03, 2023 05:40
BRASILIA (Reuters) - Brazil's trade surplus reached a historic high for September, but fell slightly short of market estimates, according to government data released on Monday.
The trade surplus for the month stood at $8.9 billion, which missed the median forecast of a $9.2 billion surplus in a Reuters poll of economists.
The figure marked the highest level for the month since the data series began in 1989, said the Ministry of Development, Industry, Trade, and Services, which also revised upward its estimated surplus for the year to $93 billion from the previous $84.7 billion projection.
In September, exports grew by 4.4% to reach $28.4 billion, with an increase in shipped volumes more than compensating for the decline in prices. Key export items included crude oil, soybeans, iron ore, and corn.
Meanwhile, imports continued a trend observed throughout the year, dropping to $19.5 billion, down 17.6% from September 2022. This decline was influenced by lower prices as well as a reduction in the quantity of goods purchased from abroad.
Year-to-date, Brazil's trade surplus now stands at $71.3 billion, a 51.2% surge from the same period last year, said the ministry.
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Written By: Reuters
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