In November 2023, Brazil achieved a historic trade surplus of $8.8 billion.
This figure represents a significant 41.5% increase from the $6.2 billion surplus recorded in the same month of 2022.
The Secretariat of Foreign Trade released these details on December 1, 2023. Brazil’s trade surplus occurs when its exports surpass imports.
The surplus indicates a robust trade performance despite being slightly below the financial market’s median prediction of $9 billion.
The country’s exports in November totaled $27.8 billion, marking a modest growth of 0.6% from the previous year.
Imports, in contrast, fell to $19.0 billion, showing an 11.2% decrease from November 2022.
Breaking down the export sectors, agriculture experienced a 22.3% increase, reaching $6.1 billion.
The extractive industry saw a 3.2% rise to $7.3 billion, while the manufacturing industry faced a decline of 14.4%, down to $14.4 billion.
Notably, soybeans and iron ore exports surged, highlighting the strength of these commodities in Brazil’s trade.
On the import side, the economic categories varied. Capital goods decreased by 7.2%, intermediate goods by 15.4%, while consumer goods rose by 18.7%.
Fuel imports declined by 22.4%. Brazil also maintained a positive trade balance with key global partners in November.
The country had the most significant surplus, with China, Hong Kong, and Macau at $4.42 billion.
Surpluses with the USA and the European Union were $0.75 billion and $0.32 billion, respectively, while the surplus with Argentina was $0.02 billion.
Brazil’s cumulative trade surplus
Brazil’s cumulative trade surplus reached an impressive $89.3 billion from January to November, a 56% increase from the previous year.
This period saw exports grow slightly by 0.5% to $310.6 billion and imports decrease by 12.1% to $221.3 billion.
The year-to-date trade results with major partners also reflected a strong surplus, particularly with China, Hong Kong, and Macau, and a deficit only with the USA.
These figures underscore Brazil’s strong trade position in 2023, reflecting the country’s resilience and adaptability in global markets.