Brasília – Imports slowed down faster than exports in September in Brazil, yielding a record-high trade surplus. Exports exceeded imports by USD 6.164 billion, the strongest result for the month since record-keeping began in 1989.
Both exports and imports decreased during the month. Average daily exports from Brazil were down 9.1% year-over-year to USD 18.459 billion. Average daily imports slid by 25.5% to USD 12,296 billion.
Year-to-date through September saw a USD 42.445 billion trade surplus, the second highest number for the period. The highest surplus ever through September was seen in 2017, at USD 53.258 billion. Exports through September came out to USD 156.780 billion, down 7% year-over-year in daily average numbers. Imports amounted to USD 114.336 billion, down 14%.
The primary driver of the September surplus was weaker imports by the process and extraction industries. On the export side, process industry sales also went down. On the other hand, extraction industry and agriculture sales picked up.
Products driving agricultural exports included unroasted coffee and livestock. Extraction industry sales were driven by iron ore. Crude oil exports kept sliding. Process industry exports decreased the most for oil rigs, fuel oils and tobacco.
Translated by Gabriel Pomerancblum