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Brazil posts record trade surplus for November boosted by sales to China

Brazil posts record trade surplus for November boosted by sales to China

A farmer uses a machine to collect corn at a plantation in Maringa, Brazil, July 13, 2022. REUTERS/Rodolfo Buhrer/File Photo

BRASILIA: Brazil posted a record trade surplus for November, official data showed on Thursday (Dec 1), driven by booming exports, with emphasis on sales to China.

According to the Economy Ministry, the trade surplus reached US$6.7 billion in November, beating a US$5 billion surplus expected by economists in a Reuters poll.

This was the strongest result for the month in the series starting in 1989.

Exports jumped 30.5 per cent over the same month in 2021, to US$28.2 billion.

They were helped by a 35.6 per cent increase in sales to China, which ensured a 0.2 per cent year-to-date growth in exports to the Asian giant, reversing the 1.8 per cent drop seen in the Jan-Oct period, said Herlon Brandao, undersecretary of intelligence and foreign trade statistics.

Brazil's main trade partner, China was expecting to see in November the first shipments of Brazilian corn since a new bilateral trade protocol entered into force.

According to data from the ministry, total corn exports rose 222.3 per cent in November from the same month last year. Oil sales also posted a strong 124.9 per cent expansion in the period, while sugar exports rose 69.8 per cent.

In contrast, Brazilian imports were down 5.5 per cent over November 2021, totalling US$21.5 billion.

Year-to-date, the trade balance surplus reached US$58 billion, up from US$57.4 billion in the same period last year.

Source: Reuters

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