Brazil’s trade balance in July reported a surplus of US$9.035 billion, marking a 68.7% increase from July 2022, as announced by the government.
The pronounced drop in imports contributed to this rise.
Export values slightly declined by 2.6% compared to last year, summing to US$29.062 billion in July, while import values drastically fell by 18.2%, amounting to US$20.027 billion, as per the Ministry of Development, Industry, and Trade data.
Brazil’s cumulative trade surplus for the first seven months reached a record US$54.1 billion, up 36.6% from January-July 2022.
During this period, exports increased marginally by 0.4%, amounting to US$194.742 billion, whereas imports decreased by 8.9% to US$140.642 billion.
The government expects a trade surplus of US$84.7 billion for this year, indicating a year-on-year increase of 37.7%.
The minor rise in exports for the first seven months was propelled by agricultural products, which saw a 6.1% increase, amounting to US$49.9 billion.
In contrast, mineral products exports and industrial exports decreased by 3.8% and 0.8%, respectively.
A significant contributor to the rise in sales was a 24.8% increase in exports to Argentina, amounting to US$11.05 billion.
Sales to China grew by 7.0%, amounting to US$59.64 billion, reaffirming China as Brazil’s leading trade partner.
Imports from China, the United States, and Argentina fell by 10.7%, 23.0%, and 3.5%, respectively, while imports from the European Union grew by 12.2%, totaling US$27.61 billion.