Brazil’s trade surplus of USD 4.9 billion was the lowest for the month of May since 2019.
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Value of exports from the Arab countries to the Brazilian market stepped up 134% in January, driven by the mineral fuel prices.
Brazilian foreign sales totaled USD 19.6 billion, surpassing the previous record for the month, set in 2018. Soybean shipments drove the surge.
Trade between Arabs and Brazilians in 2021 reached USD 24.25 billion. The UAE took over as the leading destination for Brazilian products.
Year to date through November, Brazil purchased 100.6% more Arab products compared to 2020. Nevertheless, the balance continued to post a surplus for Brazil.
In August, exchanges of goods and services and income transfers between Brazil and other countries resulted in a positive balance. It was the best performance for the month since 2006.
In addition to the increase in exports and imports, Brazil is expected to see a record-high surplus in foreign trade. According to the Brazilian Foreign Trade Association, which made the forecast, the results will primarly come from the rise in commodity prices.
In January, Brazil’s revenue from exports to the Arabs climbed 74% from a year ago.
Agribusiness products were the top exports from Brazil to the bloc, which reached USD 11.47 billion, down 6.3%. Decline was lower than in other Brazil’s foreign partnerships, though.
Imports to the Arab country also slid last year, by 12%, the Ministry of Trade and Industry reported.
Brazil’s current account result in 2019 was the worst in four years, Central Bank reported.
Trade balance deficit stood at USD 6.9 billion in 2019, a result of exports at USD 15.5 billion and imports of USD 22.5 billion.
Exchange flow stood negative at almost USD 45 billion last year, breaking the record from 1999.
Foreign sales slid by 20.4% year-on-year to USD 18,23 billion. The trade surplus narrowed by 80%.
