Brazil Trade Surplus Smaller than Expected
Brazil trade surplus narrowed to USD 4.97 billion in September of 2018 from USD 5.18 billion in the same month a year earlier and below market expectations of a USD 5.9 billion surplus. Imports increased 4.7 percent mostly due to fuels & lubricants, while exports went up at a slower 3 percent on the back of a surge in crude oil sales.
10/2/2018 10:47:37 AM
Imports jumped 4.7 percent year-on-year to USD 14.1 billion, mainly boosted by higher purchases of fuels & lubricants (+18.5 percent), intermediate goods (+4.5 percent) and capital goods (+0.6 percent). On the other hand, purchases fell 3.9 percent for consumption goods. Imports went up from the US (+28.3 percent) and Argentina (+13.1 percent); but fell from China (-10.1 percent) and the EU (-10.2 percent).
Exports increased 3 percent to USD 19.1 billion, mainly due to higher sales of crude oil (+92.7 percent), soybeans (+13.7 percent), soybean meat (+30.7 percent), coffee beans (+11.8 percent), iron ore (+9.7 percent), cellulose (+21.6 percent) and beef (+26.5 percent). Contrarily, sales went down for corn (-34.3 percent), chicken meat (-9.1 percent) and raw sugar (-41.7 percent). Exports of manufactured goods dropped 8.9 percent. Among major trading partners, sales advanced 44.4 percent to China and 17.9 percent to the US, but fell 0.3 percent to the EU.