Brazil’s trade balance closes out 2022 at record $62.3 bi

Pricier commodities helped boost the result

Published on 03/01/2023 - 11:48 By Wellton Máximo - Brasília

Last year’s higher commodity prices made Brazil close out 2022 with the best result for its balance of trade in recorded history.

In 2022, the country exported $62.31 billion more than it imported. This is the largest surplus since the beginning of the time series, in 1989.

The figures were released Monday (Jan. 2) by the Ministry of Development, Industry, Trade, and Services, which resulted from the split of the former Ministry of Economy.

Exports and imports also set a record. Last year, Brazil sold $335.01 billion abroad—up 19.3 percent from 2021 by the daily average criterion. Purchases from overseas totaled $272.697 billion, an increase of 24.3 percent, also per the daily average.

In December alone, the trade balance saw a $4.779 billion surplus, the sixth best result in history for the month, but an increase of 24.5 percent against the same month in 2021. Exports added up to $26.645 billion, and imports reached $21.866 billion last month, with record values for December.

Commodities

The year was marked by more expensive commodities, brought about mainly by the surge in global consumption following the worst phase of the COVID-19 pandemic and by the war in Eastern Europe. Despite the impact on the balance of trade due to more expensive imports from Russia and Ukraine—such as fertilizers and wheat—Brazil benefited from the appreciation of oil on the international market. The nation also took advantage of a record grain harvest.

The biggest positive impact on the trade balance stemmed from the rise in international prices. Last year, the volume of exported goods increased 5.5 percent, but the price rose 13.6 percent on average. On the imports side, the amount purchased rose 2.6 percent, with a 23.4 percent price expansion.

Translation: Fabrício Ferreira -  Edition: Nádia Franco

Latest news