Brazil ought to have a surplus of US$ 59 billion in 2022, tasks FGV/Icomex

Brazil ought to have a surplus of US$ 59 billion in 2022, tasks FGV/Icomex

“The increase in exports to China, in volume (14%), between the months of November 2021 and 2022, was the main factor for the result obtained from the trade balance”, pointed out Icomex, from FGV

The improvement in exports of commodities to the China boosted the Brazilian trade balance surplus in the final stretch of 2022, according to data from the Foreign Trade Indicator (Icomex) released this Monday, 19 by the Getulio Vargas Foundation (FGV). The 2022 surplus should be around US$ 59 billion, estimated the report from the Icomex.

In November, Brazil recorded a balance of US$ 6.7 billion, the highest in the monthly historical series. From January to November, the surplus was US$ 57.5 billion, the highest for this period of the year in the series that started in 1998.

🇧🇷Increased exports to China, in volume (14%), between the months of November 2021 and 2022, it was the main factor for the result obtained from the trade balance”, pointed out Icomex, from FGV.

The study considers that there was influence of a depreciated basis of comparison in Brazilian meat exports to the Chinese. “In September 2021, the Chinese government banned imports of beef from Brazil, which was only suspended on December 15 of the same year.

Data on exports in value show an increase of 23,333% in Brazilian exports of this product to China, in the comparison between November 2021/November 2022.

The product was the fourth main export product (7.1% share). In addition, the crude oil, the main exported product, with a share of 31.6%, registered a positive variation of 127%, in value. In the case of beef, it is not guaranteed that the same order of variation above 20,000% will be repeated”, explained the FGV.

Despite the improvement in Brazilian shipments to China, the volume exported by Brazil to that country shrank by 5.7% from January to November 2022 compared to January to November 2021. The imported volume grew by 14.1%.

In trade with U.Sat exports Brazilian imports increased by 3.4% from January to November, and imports fell by 0.7%. The volume exported to the European Union advanced 16.7%, and the imported one rose 2.7%. Exports to Argentina rose 12.7%, and imports fell 1.4%

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