Brazil Reports Trade Deficit in 2014, First Since 2000
Brazil registered a USD 3.93 billion trade gap in 2014, the biggest annual deficit since 1998 as exports declined more than imports.
Compared with 2013, exports contracted by 7 percent to USD 225.1 billion, as prices of most commodities decreased. Prices of iron ore prices recorded the highest drop (-23.9 percent), followed by grain corn (-20 percent) and soybean oil (-14.1 percent). Sales to China contracted 11.8 percent and those to Argentina shrank 27.2 percent. In contrast, shipments to the United States rose 9 percent.
Imports decreased by 4.4 percent in 2014 to USD 229.03 billion.
In December, trade surplus narrowed 89 percent to USD 293 million compared to the same month a year earlier. Exports shrank 19.9 percent to USD 17.49 billion while imports fell 9.8 percent to USD 17.20 billion, the lowest since February of 2013.
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