São Paulo – Brazil’s imports keep increasing at a faster rate than exports, causing a diminishing trade surplus. July saw the country import USD 18.643 billion worth of goods, up 42.7% year-on-year as per daily average numbers. Exports came out to USD 22.87 billion, up 16.4%.
The country posted a USD 4.227 billion trade surplus, down 32.7% from July 2017. The numbers were made public this Wednesday (1) by the Brazilian Ministry of Industry, Foreign Trade and Services.
July saw basic goods exports soar 48.3%, while semi-finished goods exports slid 11.8%, and finished goods exports dropped 6.2%.
Basic goods exports were driven by crude oil, copper ore, soya bran, soybeans, iron ore, beef, poultry, and animal tripe and offal.
Weaker semi-finished goods exports were prompted by sales of leather, raw sugar, cast iron, semi-finished gold and timber. Finished goods exports were held back by slower sales of aircraft, automobiles, cargo vehicles, tractors, auto parts, plastic polymers, aluminum oxides and dioxides, and vehicle engines and their parts.
In July, imports increased for capital goods (239.8%), intermediate goods (22.3%), consumer goods (20.1%) and fuel and lubricants (0.5%).
Imports from the Middle East to Brazil climbed 9.8%, driven by fertilizers, natural gas, insecticides, lubricant oils, plastic polymers, scrap aluminum, heterocyclic compounds, nitrogen-function compounds, fuel oils and raw aluminum.
Year-to-date through July, exports from Brazil fetched USD 136.582 billion, up 7.3% year-on-year in daily average numbers. Imports amounted to USD 102.423 billion, up 21.1%. The resulting trade surplus was USD 34.16 billion, down 19.6% year-on-year.
Translated by Gabriel Pomerancblum