Brazil: Merchandise trade surplus widens in December
Latest reading: In December, the trade balance was USD +9.6 billion, following a USD +5.8 billion reading in the prior month. December’s surplus was the largest on record for a December and overshot market expectations. Over the last 12 months, the trade balance summed to USD +68.3 billion. This was the largest surplus since June 2023.
Exports increased 24.7% in annual terms in December, coming on the back of 1.4% growth in the prior month. December’s reading was the strongest since November 2022 and was largely driven by strong sales by manufacturing, extractive and agricultural firms. Looking at markets, exports to Argentina, China and the EU increased, while sales to the U.S. dropped. Imports increased 5.7% in year-on-year terms in December, following a 6.2% increase in the previous month.