São Paulo – The Brazilian balance of trade posted a deficit in the first week of February. As per figures released this Monday by the Brazilian Ministry of Development, Industry and Foreign Trade, there was a US$ 1.703 billion deficit from February 1st to 9th. Exports amounted to US$ 3.258 billion, averaging at US$ 651.6 million per day, down 24.6% from the same period in 2013.
According to the ministry, exports declined across three product categories. Basic goods exports stood at US$ 264.8 million, down 32.4% from the same period in 2013, due to reduced sales of crude oil, maize, raw cotton, tobacco leaves, soy bran, iron ore, coffee bean, pork and poultry.
Manufactured goods exports stood at US$ 270.5 million, down 19.4% from the first week of February 2013. The decline was mostly due to reduced exports of automobiles, aluminium oxides and hydroxides, auto parts, pneumatics, pumps and compressor, footwear, engines and electrical generators.
Semi-manufactured goods sales dropped by 18.1% to US$ 96.7 million. The sharpest declines were in exports of raw sugar, semi-manufactured iron/steel products, wood pulp and semi-manufactured gold.
In February from January, exports were down 10.6%, and declined across all categories.
Imports
Brazilian imports increased to US$ 4.961 billion, averaging at US$ 992.2 million a day, up 6.1% from February 2013. According to the ministry, the growth was driven by increased spending on fuels and lubricants, up 43.4% from February 2013, home appliances (up 12.5%), cereals and milling products (6%), plastics and plastic products (3.2%) and optics and precision instruments (3.1%).
Year-to-date, the Brazilian trade balance is running a US$ 5.761 billion deficit. As of the first week of February, exports stood at US$ 19.284 billion and imports stood at US$ 25.045 billion, as per ministry figures.
*Translated by Gabriel Pomerancblum
