AEB (the Brazilian foreign trade association) released its forecast for the Brazilian trade balance this year. According to the AEB, exports should be around US$ 270.052 billion, an increase of 28.7% compared to the US$ 209.817 billion in 2020, and imports are forecast at US$ 202.051 billion, an increase of 27.1 % compared to the US$158.930 billion in 2020. This results in a trade surplus of US$ 68.001 billion, 33.6% more than the US$ 50.887 billion calculated last year. If confirmed, this will be a new record, surpassing the 2017 surplus of US$ 67 billion. According to Castro, the sharp rise in commodity prices, especially oil and iron ore, explains the projected growth in exports. The weight of crude oil, iron ore, and soybeans in the Brazilian export basket rose from 35% last year to 41% this year. On the import side, the fact that several products are not currently being manufactured in the country to supply the domestic market, such as parts and components, accounts for the increase in foreign sales to Brazil, said Castro.
Sources: Brazil-Arab News Agency/Datamar News