In the face of declining export prices, a surge in the volume of agricultural and extractive industry exports has proven pivotal in maintaining a positive trajectory for Brazil’s trade balance, as revealed in the latest bulletin from the Foreign Trade Indicator (Icomex) by the Brazilian Institute of Economics at the Getulio Vargas Foundation (FGV Ibre). For the year-to-date period from January to November, the quantity of agricultural products shipped witnessed a remarkable 25% increase compared to the same months in 2022. Simultaneously, the extractive industry saw a notable uptick of 18.8% in volume. November’s trade surplus stood at $8.8 billion, culminating in an overall surplus of $89.5 billion for the year up to November. Regardless of the December outcome, the bulletin underscores that the value has already reached the pinnacle, marking the highest surplus in the annual historical series of the trade balance.
Sources: Valor Econômico/Datamar News