Brazil’s trade surplus hit US$9.77 billion in August. According to the Foreign Trade Secretariat, this is a 137.8% jump from last August.
Exports in August went up to US$31.21 billion, a 1.4% increase. Imports fell to $US21.44 billion, down 19.6%.
For the year so far, the surplus is US$63.32 billion. That’s up 44.8% from last year.
Year-to-date exports total US$225.41 billion, up just 0.3%. Imports have dropped 10.4% to US$162.09 billion.
This year’s total trade flow fell 4.5% to US$387.5 billion.
The Secretariat predicts a US$84.7 billion surplus this year. They expect US$330 billion in exports and US$245.2 billion in imports.
August’s agro-exports rose 16.2% from last year. The extractive industry fell 0.3%, and manufacturing dipped 3.92%.
Agricultural imports dropped 35.26%. The extractive and manufacturing sectors also declined by 32.27% and 18.28%.
Exports to China, Hong Kong, and Macau rose 17.2% in August. Total sales to Asia increased by 12.2%.
However, sales in North America fell 1.66%. Exports to South America and Europe dropped by 13.09% and 3.76%, respectively.
Brazil has a long history of trade with various countries. Traditionally, its main exports include coffee, soybeans, and iron ore.
In recent years, the country has worked to diversify its export portfolio.
China has become a significant trade partner due to Brazil’s strong agro-sector. This relationship has been a critical factor in the August surge in exports.
Global economic conditions have influenced trade policies in Brazil. The ongoing pandemic has had mixed impacts, affecting imports and exports in different sectors.
The Foreign Trade Secretariat’s role in regulating and reporting these activities is crucial. Their data and forecasts help shape government policies to support economic growth.