Brazil Exceeds September Trade Surplus Forecasts Despite Lower Annual Outlook
Source: DairyNews.today
Brazil’s trade surplus exceeded expectations in September, reaching $5.363 billion despite a 42% decline compared to the previous year, as reported by the Ministry of Development, Industry, Trade, and Services. This figure surpassed analysts' predictions of a $4.700 billion surplus, as indicated in a Reuters poll.
However, the government has revised its full-year forecast downward to $70.4 billion from the previous $79.2 billion, citing declining export prices and softer global demand.
In September, exports held steady at $28.8 billion year-on-year, with decreases in shipments of oil, iron ore, soy, and corn balanced by gains in coffee, sugar, beef, and pulp exports. Imports rose by 20% to $23.4 billion, driven by a surge in chemical fertilizers and auto parts.
Herlon Brandao, the ministry’s director of statistics and foreign trade studies, commented, “Export prices have been decreasing throughout the year, and the latest data on the volume of global demand showed a small drop.” This trend has influenced Brazil's trade outlook, with the year-end projection now indicating a significant decline from the record $99 billion surplus achieved in 2023.
In the first nine months of 2024, Brazil’s trade surplus amounted to $59.1 billion, reflecting a 17% decrease compared to the same period last year. While this marks a reduction, the surplus remains historically high for Latin America's largest economy.
The revised annual forecast signals a more cautious approach as Brazil adapts to changing global market conditions. Nevertheless, the September surplus and resilient export sectors underscore the country’s continued strong performance on the international stage.
In September, exports held steady at $28.8 billion year-on-year, with decreases in shipments of oil, iron ore, soy, and corn balanced by gains in coffee, sugar, beef, and pulp exports. Imports rose by 20% to $23.4 billion, driven by a surge in chemical fertilizers and auto parts.
Herlon Brandao, the ministry’s director of statistics and foreign trade studies, commented, “Export prices have been decreasing throughout the year, and the latest data on the volume of global demand showed a small drop.” This trend has influenced Brazil's trade outlook, with the year-end projection now indicating a significant decline from the record $99 billion surplus achieved in 2023.
In the first nine months of 2024, Brazil’s trade surplus amounted to $59.1 billion, reflecting a 17% decrease compared to the same period last year. While this marks a reduction, the surplus remains historically high for Latin America's largest economy.
The revised annual forecast signals a more cautious approach as Brazil adapts to changing global market conditions. Nevertheless, the September surplus and resilient export sectors underscore the country’s continued strong performance on the international stage.
