Brazil recorded a positive balance of US$61.8 billion in its trade balance in 2022, slightly higher than the US$61.4 billion in 2021, the Brazilian Economy Institute of the Getulio Vargas Foundation (Ibre-FGV) reported today, Monday.
The economic think tank said in a report that the total value exported by Brazil in 2022 grew 19.1 percent over 2021, and the value imported was 24.3 percent higher.
It highlighted that the balance of November and December surprised by the improvement in sales to China, especially in agriculture and livestock.
He detailed that the agricultural sector surplus increased, the extractive sector surplus decreased, and the processing industry deficit increased.
“In the extractive sector, prices and volume of exports declined due to the unfavorable performance of iron ore. The deficit in the transformation industry has been recurrent in Brazil’s trade balance since 2009,” he added.
This year, the institute forecasts slower growth in the world economy, with Brazil’s expansion rate below 1 percent and a reduction in exports and imports.
“Oil prices will continue to be affected by geopolitical issues, and the recovery of extractive exports also depends on the recovery of iron ore sales to China,” he noted.