Market News – In October 2023, Brazil’s trade surplus expanded to $8.959 billion, a significant increase of 158.9% from the $3.46 billion reported in the same month the previous year. This figure was near the market’s predicted $9 billion.
Brazil Trade Surplus: Breakdown of Exports and Imports
Bloomberg–Brazil’s exports experienced a slight decrease of 0.7% from September 2022, amounting to $29.48 billion. This was primarily due to a 2.5% reduction in agricultural exports, which totaled $6.39 billion, and a 9.1% decrease in manufacturing sales, which amounted to $15.61 billion. On the other hand, shipments from extractive industries saw a rise of 26.4%, reaching $7.28 billion.
Concurrently, imports saw a sharp decline of 20.9%, totaling $20.53 billion. This was mainly due to significant drops in purchases across various sectors: agropecuary goods (-28.1% to $0.35 billion), extractive industries (-7.1% to $1.7 billion), and manufacturing industries (-21.9% to $18.3 billion).