Economy

Brazilian exports surpass $300 bi mark

The trade balance has reached a surplus of $86.512 billion in 2023

Wellton Máximo

Published on 21/11/2023 - 11:20

Agência Brasil - Brasília

Bulk Carrier 'Discoverer' unloads U.S. soybeans at the port of Paranagua, Brazil, December 3, 2020. Picture taken December 3, 2020. Picture taken with a drone. REUTERS/Rodolfo Buhrer — © Reuters/Rodolfo Buhrer/Proibida reprodução

Brazilian exports have surpassed the $300 billion mark. By the third week of November, international sales totaled $300.014 billion, while imports stood at $213.502 billion.

This surge has resulted in a trade balance surplus of $86.512 billion up to the third week of November, outpacing the entire record for 2022 when exports exceeded imports by $61.525 billion.

According to the announcement from Ministry of Development, Industry, Trade, and Services, on Monday (Nov. 20), this milestone was achieved following a surplus of $1.963 billion, recorded in the third week of November. In this period, the country exported $6.055 billion and imported $4.092 billion. For the entire month, exports amounted to $17.226 billion, with imports at $11.222 billion, resulting in a positive balance of $6.003 billion.

Estimates

Despite the recent devaluation of commodities, Brazil forecasts a record positive balance of $93 billion for 2023, surpassing the previous projection of $84.7 billion made in July.

The projections are updated every three months and are much more optimistic than those of the financial market. The Focus bulletin, a weekly survey of market analysts published by the Brazilian Central Bank, projects a surplus of $77 billion for this year.