The Brazilian trade balance registered a surplus of 6.609 billion dollars in August, the best historical result for the month and 61,2 percent more than in the same month last year, the government reported on Tuesday (01.09.2020).
According to data released by the Ministry of Economy, in August the Brazilian exports totaled 17.741 billion dollars, an 5,5 percent less than in the same month last year, while the Imports totaled 11.133 billion dollars, an 25,1 percent less than a year ago.
August trade surplus is the largest for the month since 1989, when it began to be measured. In August 2019, Brazil achieved a trade surplus of 4.099 billion dollars.
In the year-to-date, Brazil has recorded a trade surplus of US$36.594 billion, 13,7 percent more than in the first eight months of 2019. Specifically, exports in the first eight months of 2020 totaled US$138.633 billion, and imports, US$102.039 billion.
Brazil's trade surplus in August was driven by external sales of agricultural products, which advanced 14,6 percent, mainly thanks to sales to Asia. Sales in the manufacturing industry fell by 7,7 percent and exports in the extractive industry fell by 15,4 percent.
In a press conference, the Undersecretary of Intelligence and Foreign Trade Statistics of the Ministry of Economy, Herlon Brandao, stated that the drop in imports in August compared to the same month in 2019 was due to the new coronavirus (COVID-19) pandemic.
"As in all countries that suffered the effects of the pandemic, there was a drop in activity, which caused a decrease in demand for imported goods," he said.
In 2019, Brazil's trade balance had a surplus of $48.000 billion, 19,6 percent less than in 2018. For this year, the financial market expects a surplus of $55.000 billion.
Source: Xinhua
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