Brazil Trade Surplus Below Expectations in April



Brazil trade surplus narrowed to USD 6.14 billion in April of 2018 from USD 6.97 billion in the same month a year earlier and below market consensus of a USD 6.3 billion surplus. Imports increased 28.7 percent year-on-year to USD 13.79 billion while exports rose 12.7 percent to USD 19.93 billion compared to April of 2017. However, when adjusted for the working day average, exports dropped 3.4 percent while imports jumped 10.3 percent.

When adjusted for the working day average, imports rose 10.3 percent year-on-year, boosted by purchases of capital goods (36.2 percent); consumption goods (12.2 percent); intermediate goods (6.3 percent) and fuels and lubricants (6.3 percent). Among the most important import partners purchases advanced from: Central America and the Caribbean (+39.5 percent); the US (+18.8 percent); Argentina (+19 percent) and the UE (+18.3 percent). 

Exports declined 3.4 percent compared to April of 2017, mainly due to lower sales of manufactured goods (-4 percent), namely passenger vehicles (-24.6 percent), aircraft (-4.9 percent) and cargo vehicles (-2.7 percent); primary goods (-2.9 percent), namely soybeans (-10.7 percent), iron ore (-21.5 percent) and chicken meat (-9.5 percent); semimanufactured goods (-2.7 percent), namely sugar (-57.4 percent), gold (-7.3 percent) and leather goods (-27.4 percent). Exports went down to China (-7.7 percent) and the US (-8.6 percent) but rose to Argentina (+4.6 percent). 

Considering the first four months of the year, imports advanced 14.5 percent to USD 54.21 billion and exports rose 7.7 percent to USD 74.30 billion.

Brazil Trade Surplus Below Expectations in April


MDIC | Stefanie Moya | stefanie.moya@tradingeconomics.com
5/3/2018 8:25:32 AM