São Paulo – The Brazilian trade balance posted a surplus for the sixth straight month in August, driving the year-to-date result to a surplus for the first time this year. In August, exports amounted to US$ 20.465 billion and imports, to US$ 19.297 billion, resulting in a US$ 1.168 billion surplus.
Year-to-date through August, exports stood at US$ 154.02 billion and imports, at US$ 153.771 billion, resulting in a US$ 249 million surplus. The figures have been released this Monday (1st) by the Brazilian Ministry of Development, Industry and Foreign Trade.
This, however, does not imply that exports increased and imports declined. In August alone, both imports and exports were up by a meagre 0.1% from August 2013, based on daily average figures. Year-to-date through August 2014, average daily exports were down 0.5% from August 2013, and average daily imports were down 3%.
According to the Ministry, the only product category for which exports increased was manufactured goods (up 3.8%), the highlights being an oil rig, flat-rolled steel products, fuel oils, cast iron pipes, aluminium oxides and hydroxides, plastic polymers, land levellers and medicine.
Basic goods exports were down 3.3% in August, driven by maize, iron ore, soy and tobacco. Conversely, exports increased for cotton, coffee, petroleum, soy bran, copper ore, beef, poultry and pork.
Exports of semi-manufactured goods were down 1.8%, driven by raw sugar, wood pulp and raw aluminium. Exports increased for semi-manufactured iron and steel products, ferroalloys, crude soy oil, leathers, cast iron and semi-manufactured gold.
Region-wise, exports from Brazil increased to Eastern Europe, the Middle East, Latin America and the Caribbean. Exports to other areas declined.
Imports
Imports increased for fuels and lubricants (30.6%), and decreased for consumer goods (8.2%), capital goods (7.3%), raw materials and intermediate goods (1.1%).
Brazil stepped up its imports from the Middle East (213.8%) and Africa (56.8%), highlighting petroleum and its products, fertilizers and other chemicals. Imports from all other regions declined.
*Translated by Gabriel Pomerancblum
