Brazil's trade surplus falls in November
The devaluation of several commodities (primary goods with international prices) and the rise in imports driven by the economic recovery led to a decline in the trade surplus (exports minus imports) in November. Last month, Brazil exported $7.03 billion more than it imported, a 20 percent decrease compared to the same month in 2023.
Despite the decline, this was the second-best result for November since the historical series began in 1989. The surplus is second only to November of last year, when the trade balance stood at $8.789 billion.
With November's result, the trade surplus for 2024 reached $69.856 billion. While this is 22 percent lower than the same period in 2023, it is the second-highest surplus for the period in the historical series, second only to last year.
Regarding the monthly result, exports remained stable, while imports surged, driven by chemical components, medicines, and capital goods (used in production). In November, Brazil exported $28.021 billion, a 0.4 percent increase compared to the same month in 2023. Imports totaled $20.991 billion, rising by 9.5 percent.
On the export side, the decline in the international prices of oil, iron ore, soybeans, and corn were the main factors behind the drop in sales value. However, the prices of certain products, such as coffee, cellulose, and meat, increased last month, helping to offset the decline in other commodities.
On the import side, purchases of non-electric motors, auto parts, medicines, and chemical components increased. The largest rise, however, was seen in non-electric motors and machinery, which surged by 31.2 percent in value in November compared to the same month last year. While Brazil imported 12.9 percent fewer motors in volume, their price rose by 50.7 percent in the same period.
Last month, the volume of goods exported grew by 5.5 percent, driven by fuels, crude oil, coffee, and meat, while average prices dropped by 4.7 percent compared to the same month last year. In terms of imports, the quantity purchased increased by 18.8 percent, but average prices fell by 6.6 percent, indicating a rise in foreign purchases driven by the economic recovery.
