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Brazil September trade surplus hits record but misses expectations

Published 10/02/2023, 02:27 PM
Updated 10/02/2023, 02:35 PM
© Reuters.

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.

© Reuters. FILE PHOTO: Containers in line to be loaded at a cargo terminal at the Port of Santos, in Santos, Brazil September 16, 2021. REUTERS/Carla Carniel/File Photo

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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