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Brazil Had Good Results Regarding the Balance Between Exports and Imports in October, Closing the Month with a US$3.92 Billion Surplus
Brazil had a good performance in the trade balance for the month of October, managing to close with a US$3.92 billion surplus. In other words, we had more exports than imports, which is extremely important for the economic development. This result is due to the success of agribusiness, sales related to coal, copper, and oil.
The grain harvest was also very positive, with corn and soybeans being the main protagonists. Additionally, meat exports contributed to this positive result. Compared to the same month last year, October 2022 saw an increase of 90% in the recorded value, which had been US$2.064 billion. Want to understand more about the estimates for the year 2022? Continue reading.
Check Out More About the Role of Agribusiness in Brazil’s Trade Balance Results with the Video Below
Trade Balance Surplus Accumulated Since January is US$51.64 Billion
From January to October, the accumulated surplus recorded was US$51.64 billion. Although it may seem like a very significant number, it was 11.7% lower than the same period in 2021, which was US$58.504 billion. Nevertheless, despite this decrease, the record is the second best in history.
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Considering sales in October, there were US$27.299 billion in exports compared to US$23.378 billion in imports. However, these values are unprecedented since the beginning of the historical series that started in 1989.
National Record in Trade Balance is Due to Increased Shipments in Exports That Occurred in 2022
The increase in shipments was what primarily marked this significant surplus in the trade balance in October 2022. Conversely, the increase in the traded volume and prices also contributed to these results, but it was significantly lower than the shipments. In this sense, shipments recorded an increase of 14.4% while prices only increased by 5.7%.
Do you know what is interesting? These results would have been even better if it weren’t for the decrease in demand from China for iron ore and steel, due to the lockdown. Thus, the restriction led to a depreciation in the price of these materials between 26 to 33%.
Moreover, imports saw an increase in product prices, especially fertilizers, oil, coal, and fertilizer, due to the war in Ukraine. If it weren’t for these conditions, Brazil’s results would have been even more impressive.
Agribusiness, Extractive Industry, and Oil Were the Segments That Most Contributed to the Trade Balance Surplus
The agribusiness sector experienced an increase in exported volume of 49.7% compared to the same month in 2021. This was due to the excellent grain harvest, especially corn and soybeans, and the average price increase, which had a rate 24.3% higher.
The extractive industry and oil experienced a slight decrease in the quantity exported, at 8.4%, while the manufacturing industry increased by 16.1%. However, in the extractive industry, the largest growths in exports were of coal and copper, in addition to other minerals.
In the manufacturing industry, fresh beef exports increased by 173%, which was a significant result. Other products such as sugars, molasses, soybean meal, and flour marked an expressive increase in exports.
However, crude oil remained stable and slightly pulled the trade balance results. After all, there was a slight decrease of 0.1% in exports, which was offset by a price increase of 0.6%.
What Can We Expect Until the End of 2022 Regarding the Brazilian Trade Balance?
Although the results in October were very positive, the government projections for the annual accumulated total are pessimistic. After all, they account for a surplus of up to US$55.4 billion, compared to US$61.407 billion recorded at the end of 2021.
However, the financial market is a bit more optimistic. In this sense, the Focus bulletin, published weekly by the Central Bank, brought an estimated surplus of US$58.6 billion this year. In any case, we are moving towards a financial recovery.
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