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Brazil's foreign trade registers third surplus

Staff Writer |
Last week, the Brazilian trade balance registered a surplus, the third one in October.

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Exports surpassed imports in $709 million, according to data made public this Monday (24) by the Ministry of Industry, Foreign Trade and Services (MDIC). As a result, year-to-date ending last week, the trade surplus totals $38.05 billion.

Revenues from exports between October 17 and 21 stood at $3.35 billion with spending with imports totaling $2.64 billion.

There was a decline of 7.5% in the daily average of shipments over the average of the first two weeks, but the drop in foreign purchases, in the same comparison, was ever sharper at 11.2%.

Exports declined in all categories of products: basic, semi-finished and finished. Foreign sales of semi-finished products tumbled 19.6%, driven down by raw sugar, wood pulp, semi-finished gold products and semi-finished iron and steel products.

Brazilian financial institutions polled by the Central Bank (BC) are expecting lower inflation this year and the next.

The Focus Bulletin issued weekly by the BC shows that banks expect the Extended National Consumer Price Index (IPCA) to be 6.89% by the end of this year, in the sixth straight forecast revision.

Last week’s estimate had been 7.01%. The estimate for 2017 changed down from 5.04% to 5%.

The contraction expected in GDP worsened for the third consecutive time, from 3.19% to 3.22%. In 2017, expected GDP growth changed down from 1.30% to 1.23%.

As a result of recession and weaker inflation, the benchmark interest rate is seen ending 2017 at 13.50%. Last week, the BC’s Monetary Policy Committee slashed the per annum interest rate from 14.25% to 14%.


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