Brazil Trade Surplus Below Expectations


Brazil trade surplus widened to USD 4.91 billion in February of 2018 from USD 4.56 billion a year ago, although slightly below market expectations of a USD 5.1 billion surplus. Sales of a platform for oil extraction to the EU boosted exports and imports growth remained robust.

Exports increased 11.9 percent year-on-year to USD 17.32 billion, mainly boosted by sales of platforms for oil extraction (from 0 to USD 1.5 billion); cellulose (74.5 percent); passenger cars (28.4 percent); soybean meal (100.3 percent); beef (20.7 percent); copper (38.2 percent); fuel oils (26.8 percent); earth-moving machinery (64.9 percent); autoparts (28.6 percent); and aluminium (13.8 percent). On the other hand, declines were seen in sales of more traditional products such as crude oil (-26.4 percent); iron (-14.4 percent); soy beans (-22.1 percent); chicken meat (-10.8 percent); and coffee (-12 percent). 

When adjusted for the working day average, shipments to the EU accounted for 26 percent of total sales and jumped 80.8 percent, mainly due to a platform for oil extraction that was sold. Exports to Netherlands accounted to 15 percent of all sales. In contrast, sales fell to China (20 percent share, sales down 2.4 percent) and the US (12 percent share, sales down 3.1 percent). 

Imports went up 13.7 percent to USD 12.41 billion. Purchases rose for capital goods (24.4 percent); consumption goods (21.3 percent); intermediate goods (11.7 percent); and fuels and lubricants (7.5 percent).

When adjusted for the working day average, the EU was the main import partner (21 percent share) and purchases rose 13.4 percent, followed by China (20 percent share and a 32.1 percent increase in imports) and the US (17 percent share and inbound shipments up 0.2 percent).

Brazil Trade Surplus Below Expectations


Joana Taborda | joana.taborda@tradingeconomics.com
3/1/2018 7:32:14 PM