Brazil trade balance shows best February performance in 30 years

Brazil's balance of trade closed out February with the highest balance for the month since the beginning of this time series, in 1989. Last month, the country's exports totaled $4.907 billion more than imports, according to the Ministry of Development, Foreign Trade, and Services.

The highest level for February had been reported last year—$4.555 billion.

The balance this year, however, was boosted by the export of an oil rig at $1.545 billion. The platform did not go into foreign hands. Rather, it was purchased by Brazilian subsidiaries abroad, then registered in Brazil as under lease, an operation involving large-scale equipment—like oil platforms and ships—that is legal and in accordance with international trade norms.

Exports in February added up to $17.315 billion, up 11.9% from the same month last year according to the daily average criterion (which takes into account values negotiated per business day). Imports amounted to $12.408 billion, an increase of 13.7%, also according to the same criterion. For the first two months of 2018, the balance of trade shows a surplus of $7.676 billion, against the $7.266 billion reported for the same period in 2017.

Translated by Fabrício Ferreira