BRASILIA - In a recent release of government data, Brazil announced that its trade surplus for September reached an all-time high, although it fell just short of market forecasts.
According to the data unveiled on Monday, Brazil's trade surplus for September amounted to $8.9 billion, narrowly missing the $9.2 billion surplus predicted in a Reuters poll of economists.
The Ministry of Development, Industry, Trade, and Services noted that this figure represents the highest level for September since the data series was initiated in 1989. Additionally, the Ministry revised its annual surplus projection upwards to $93 billion from the previous estimate of $84.7 billion.
During September, Brazil experienced a 4.4% increase in exports, totaling $28.4 billion. This growth was driven by an uptick in export volumes, which more than compensated for declining commodity prices. Key export items included crude oil, soybeans, iron ore, and corn.
In contrast, imports continued to reflect a trend observed throughout the year, decreasing to $19.5 billion, marking a 17.6% decline from September 2022. This decline can be attributed to both lower prices and a reduction in the quantity of imported goods.
Year-to-date, Brazil's trade surplus now stands at $71.3 billion, marking a notable 51.2% increase compared to the same period last year, as reported by the Ministry.