Brazil recorded a trade surplus of USD 2 billion in the fourth week of March

The fourth week of March marked a surplus of 2.07 billion dollars in Brazilian foreign trade, according to data from the Foreign Trade Secretariat of the Ministry of Development, Industry, Commerce, and Services (Secretaria de Comércio Exterior do Ministério do Desenvolvimento, Indústria, Comércio e Serviços - Secex/MDIC). During this period, the country's trade flow reached USD 11.84 billion, stemming from exports worth USD 6.96 billion and imports totaling USD 4.88 billion.

The figures, disclosed on Monday, March 25th, in the Preliminary Partial Trade Balance for the month, indicate a favorable trend for Brazil both in the month-to-date and in the year 2024. In March, the country achieved a positive balance of USD5.54 billion, exporting USD 21.92 billion and importing USD 16.37 billion, resulting in a total trade flow of USD 38.29 billion.

Taking into account the year-to-date up to the fourth week of March, exports grew by 5.5%, reaching USD 72.42 billion. Meanwhile, imports increased by 0.8%, totaling USD 54.93 billion. As a result of these outcomes, the trade balance showed a surplus of USD 17.49 billion, marking a 23.9% growth, and the trade flow recorded a 3.4% increase, reaching USD 127.36 billion.

EXPORTS — After analyzing exports in the cumulative period up to the 4th week of March 2024, compared to March 2023, Brazil recorded a growth of USD 44.82 million, equivalent to 6.8%, in products from the Manufacturing Industry.

In the performance of sectors by daily average, there was a decrease of USD 38.92 million (-9.9%) in Agriculture and a decrease of USD 64.19 million (-17.5%) in Extractive Industry. According to the Secretariat of Foreign Trade, the combination of these results led to a decrease in exports.

This decline was primarily driven by decreases in the following products:

• Agriculture: Soybeans (-17.3%); Unmilled maize, excluding sweet corn (-75.8%); Rice in the husk, Paddy or rough (-99.9%); Oilseeds of sunflower, sesame, rapeseed, cottonseed, and others (-48.6%); and Rough wood (-43.4%).
• Extractive Industry: Crude petroleum or bituminous mineral oils (-30.3%); other crude minerals (-47.8%); and other ores and concentrates of base metals (-58.2%).

IMPORTS — In the same comparative period, imports experienced significant growth across various sectors: Agriculture surged by USD 4.65 million (25.2%), the Extractive Industry saw a notable increase of USD 16.93 million (27.2%), and products from the Manufacturing Industry recorded a substantial rise of USD 42.23 million (4.8%).

The combination of these results has driven an uptick in imports, with notable growth in several key sectors:

• Agriculture: Horticultural products, fresh or refrigerated (up by 102.3%); Fresh or dried fruits and nuts (up by 37.6%); Whole fish, live, dead, or refrigerated (up by 18.2%); Unmilled maize, excluding sweet corn (up by 260.6%); and Unmilled barley (up by 50.2%).
• Extractive Industry: Crude petroleum or bituminous mineral oils (up by 54.9%); Natural gas, liquefied or not (up by 62.6%); Iron ore and concentrates (up by 5,937.6%); and Stone, sand, and gravel (up by 4.3%).
• Manufacturing Industry: Motor vehicles for the transport of goods and special purposes (up by 55.3%); Passenger motor vehicles (up by 30%); Pumps for liquids, liquid elevators, and their parts (up by 114.3%); Non-electric motors and machines, and their parts, excluding piston engines and generators (up by 18.9%); and Aircraft and other equipment, including their parts (up by 45.9%).

MONTHLY COMPARISON — In the realm of exports, the average figures up to the 4th week of March 2024 (USD 1.36 billion) saw a 4% decline when juxtaposed with March 2023's numbers (USD 1.42 billion). Conversely, imports experienced a 6.6% surge in the same comparison, tallying USD 1.02 billion in 2024 against USD 959.64 million in 2023.

Consequently, as of the 4th week of this month, the daily trade flow averaged USD 2.39 billion, with the balance, per diem, resting at USD 346.72 million. This marks a notable 0.3% uptick compared to March 2023's daily average.