Brasília – The Brazilian balance of trade is back on a deficit. In the fourth week of November, the deficit stood at US$ 1.35 billion, as a result of US$ 4.15 billion in exports and US$ 5.5 billion in imports. As a result, the year-to-date deficit has gone from US$ 105 million to US$ 1.455 billion. The information has been released this Monday (25th) by the Brazilian Ministry of Development, Industry and Foreign Trade.
The deficit comes in the wake of a US$ 808 million surplus posted in the third week, resulting from the sale of an oil rig. In practice, the rig has not left the country yet, but it has been sold to one of Petrobras’ foreign subsidiaries, an operation designed to cut tax spending. According to the ministry, the operation is legally regarded as an export, and is in keeping with criteria of the United Nations (UN).
Exports averaged at US$ 830.2 million per day in the fourth week of November, down 24.8% from the average up until the third week. Sales of basic goods were down 32.3%, mostly due to poultry and beef, maize, coffee, crude oil and soy bean. Sales of semi-manufactured and manufactured goods were also down, respectively by 23.6% and 16.5%. In the former category, sugar, ferroalloys, gold, and leather and hides were the main items responsible for the decline. In the latter category, the decline was mostly due to passenger cars, auto parts, engines and generators, and cargo vehicles.
Imports averaged at US$ 1.1 billion per day in the fourth week of November, up 18.1%. The increase is a consequence of increased imports of fuels and lubricants, mechanical equipment, home appliances, automobiles and plastics.
*Translated by Gabriel Pomerancblum
