Balance of trade shows over $9 bi surplus in April

Despite falling prices for soybeans, iron ore, and oil, the trade balance surplus was higher in April: the country exported $9.041 billion more than it imported, the Ministry of Development, Industry, Trade and Services said on Wednesday (May 8).

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The result represents an increase of 13.7 percent from the same month last year and is the second best for April, surpassed only by the record $9.963 billion observed in April 2021.

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The balance of trade had a surplus of $27.736 billion in the first four months of 2024—the highest for the time span since the current time series began, back in 1989. The figure represents a 17.7 percent surge against the same months last year.

On a monthly basis, exports grew at a faster rate than imports. In April, Brazil sold $30.92 billion abroad, up 5.7 percent from the same month in 2023. Purchases from overseas totaled $21.879 billion, up 2.2 percent. This expansion is partly due to the higher number of working days in April this year.

The larger volume of oil, sugar, and fuel exported were the main factors behind the rise. This growth helped compensate for lower exports of soybeans, whose harvest is now over, and motor vehicles, affected by the crisis in Argentina.

As for imports, the fall in purchases of fertilizers and their derivatives, as well as chemical compounds was the main factor holding back the rise in foreign purchases.

After hitting a record high in 2022, following the start of the war between Russia and Ukraine, commodities have been on the wane since mid-2023. The price of iron ore, which had been rising for a few months, slumped because of the economic slowdown in China, its top buyer.

Last month, the volume of goods exported rose by 22.5 percent, driven by the greater number of working days and oil, while prices were down by an average of 6.8 percent against the same month last year. As for imports, the amount bought rose by 24.8 percent, driven by the recovery of the economy, but average prices sank by 8.1 percent.