In the first eight months of the year, Brazil achieved a trade surplus of $54.079 billion, with exports totaling $227.00 billion and imports $172.92 billion.
Driven by the slump in the price of soybeans and corn and the surge in imports of electric vehicles, the surplus in the country’s balance of trade was down 33.4% in June from the same month last year.
On a monthly basis, exports fell while imports remained relatively stable. Brazil sold $30.338 billion abroad, marking a 7.1% decline compared to the same month in 2023.
Despite falling prices for soybeans, iron ore, and oil, the surplus was up 13.7% from April last year and is the second best for the month, surpassed only by the nearly $10 bi from April 2021.
If the maximum volume is exceeded, the import duty—currently 9% to 14.4%—will rise to 25%. The change should come into force in around 30 days.
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