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Brazil records strongest trade surplus for January in 17 years

Brazil posted its strongest trade surplus for January in 17 years, according to data from the Development, Industry, Trade and Services Ministry on Wednesday, leveraged by increased exports.

The country’s trade surplus reached $2.717 billion in January from a deficit of $58.7 million in the same month last year.

This was the best result for January since 2006’s trade surplus of $2.730 billion.

According to official data, exports rose 11.7% over January 2021, to $23.137 billion, a record for the month.

High sales of extractive industry goods boosted exports, driven by crude oil, said the ministry.

Meanwhile, imports decreased 1.7% to $20.420 billion.

Brazil expects a higher trade surplus in 2023 on the back of a drop in imports, while exports should remain at a similar level from 2022, said the director of Foreign Trade Intelligence and Statistics, Herlon Brandão.

Speaking at a news conference, he said imports should be affected by reduced commodity prices amid an expected global economic slowdown, which should mainly impact Brazilian fuel purchases.

Brazil posted a record $62.3 billion trade surplus last year, affected by a sharp increase in prices.
Source: Reuters (Reporting by Marcela Ayres; Editing by Aurora Ellis and Diane Craft)

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