Brazil’s trade balance recorded its highest-ever surplus of USD 8.959 billion in October, driven by a drop in fuel imports and a record soybean harvest. This represents a stunning increase of 140.1% compared to the same period last year. The trade balance has now accumulated a surplus of USD 80.212 billion in the first ten months of 2023, the highest result for this period since 1989. While exports remained stable, imports experienced a significant decrease in October. The record grain harvest and oil output, however, significantly offset the reduction in world commodity prices. The government expects a year-end surplus of USD 93 billion, above prior predictions. Exports are predicted to stay steady in 2023, while imports are expected to fall by 11.5%.
Source: Agência Brasil (*Translated by Ia Niani)
TRADE BALANCE HAS A RECORD SURPLUS OF US$ 8.959 BILLION IN OCTOBER
Published On - 9 de November de 2023