Brazil beats trade surplus estimates in September
The September figure came in at $5.363 billion, the Ministry of Development, Industry, Trade, and Services said, due to stable exports and rising imports.
Still, it outpaced estimates of a $4.700 billion surplus expected for the month in a Reuters poll of economists.
The ministry cut its forecast for this year’s trade surplus, now expecting $70.4 billion compared with a prior estimate of $79.2 billion. It cut forecasts for both exports and imports, though exports by a higher amount.
"Export prices have been decreasing throughout the year, and the latest data on the volume of global demand showed a small drop", the ministry’s director of statistics and foreign trade studies, Herlon Brandao, told journalists in Brasilia.
The full-year estimate would represent a sharp slowdown from a record trade surplus of nearly $99 billion logged last year, though it would still be historically high for Latin America’s No. 1 economy.
Brazil exported $28.8 billion in September, almost stable year-on-year, as lower shipments of oil, iron ore, soy and corn were offset by an increase in coffee, sugar, beef and pulp.
Meanwhile, imports rose some 20% last month from the previous year to $23.4 billion, boosted by chemical fertilizers and auto parts.
Brazil reported a trade surplus of $59.1 billion in the first nine months of the year, down about 17% from the same period in 2023.
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