Brazil’s exports revenue break records in January

RIO DE JANEIRO, BRAZIL – Brazilian exports set a new record for January, reaching US$19.6 billion, surpassing the previous record for the month, set in 2018.

It was the highest figure since trade balance official records began to be taken in 1989, surpassing the previous record, of US$16.7 billion in January 2018. On a daily average, foreign sales rose 25% over the same month in 2021.

Despite the result, the trade balance recorded a US$176 million deficit, driven by global energy prices. This is the third year in a row in which imports have exceeded exports in the first month of the year, traditionally marked by trade deficits.

Despite the negative result, the deficit was 20% lower than in January 2021, when Brazil imported R$220 million (US$41 million) more than it exported.

Imports totaled US$19.849 billion, a 24.6% increase compared to last year’s same month, also on a daily average. The figure was the third-highest for January since 1989, losing only to 2014 (US$20.238 billion) and 2013 (US$20.157 billion).

SECTORS

In January, agriculture and manufacturing posted export gains. Agricultural exports grew 97.5% in January compared to last year’s same month. The determining factor was the recovery of the soybean crop, which made exports leap 5,007% in the period.

Sales in the manufacturing industry advanced 36.1% in January compared to the same month in 2020. The highlights were fuels (120.7%), vegetable fats and oils (1,106.2%), and semi-finished iron or steel products (179.7%). Hampered by the drop in the international prices for some ores, exports from the extractive industry fell 18.6% over January last year.