Year-on-year, exports shrank 24.1 percent to USD 12.09 billion in February, reaching the lowest value in five years. Imports plunged 17.3 percent to USD 14.93 billion in February, the lowest since January of 2011.
A drop in key export prices are dragging sales down. In the first two months of 2015, the value of soybeans sold dropped 70.7 percent over a year earlier and shipments of iron ore shrank 43.2 percent while its quantity rose 10.5 percent. Exports of chicken rose 4.4 percent in volume terms but its value dropped 2.7 percent.
In January, Brazil posted a USD 3.17 billion deficit. Year-to-date, the country recorded a USD 6.016 billion trade gap, slightly lower than USD 6.196 billion deficit a year earlier.