Brazil Records US$ 7.6Bn Trade Surplus In July

• Brazil recorded a foreign trade surplus of US$ 7.6Bn as sales abroad reached an all-time high of US$ 30.9Bn in July, according to data released Tuesday by the Ministry of Development, Industry, Trade, and Services, which represented a 6.6% drop from the US$ 8.2Bn surplus in July 2023, Agencia Brasil reported.
• Brazilian exports hit a record high of $30.9Bn in July, fueled by strong demand for soybeans, coffee, iron ore, sugar, beef, and steel. On the other hand, imports also went up from July 2023, reaching a total of US$ 23.3Bn. South American exports totaled US$ 198.2 B so far this year, a 2.4% increase compared to the first seven months of 2023. Imports reached US$ 148.6Bn, up 5.6% over the same period.
• The European Union, China, and the United States stood out as the main destinations for Brazilian exports in July, with growth rates of 20%, 16.3%, and 15.3%, respectively. However, due to the economic crisis in Argentina, sales to the neighboring country continued to decline last month.
• According to Herlon Brandão, Director of Foreign Trade Statistics and Studies at the Ministry of Development, Industry, Trade, and Services, exports in 2024 have been relatively stable. This contrasts with 2023, when sales fluctuated significantly in the first half of the year.
• “This stability is attributed to increased export volumes, while prices in general are falling. Our forecast for 2024 is positive, with an expected 1.7% growth in Brazilian exports by the end of the year,” Brandão explained.

(Source: MercoPress)