In December alone, country’s trade balance totaled $4.8bn
01/03/2023
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Brazil’s trade balance was positive at $62.3 billion in 2022, up 1.5% year-over-year — Foto: Pixabay
Brazil’s trade balance in December meant a surplus of $4.779 billion. The number was released Tuesday by the Foreign Trade Secretariat (Secex) of the Ministry of Development, Industry and Trade (MDIC). The value is 24.5% higher than in the same period of the previous year, calculated by the daily average criteria.
With this, the balance was positive at $62.3 billion in 2022, up 1.5% year-over-year, and also the highest since records began.
Exports totaled $26.6 billion in December, up 14%. Imports reached $21.8 billion, up 12%.
In 2022, imports totaled $272.7 billion, up 24.3% and the highest since records began. Exports, meanwhile, totaled $335 billion, up 19.3% and also a record. In turn, the total trade (sum of exports and imports) reached $607.7 billion, up 21.5% and also a record.
The better-than-expected positive balance of trade in 2022 “is explained by higher growth in exports and lower growth in imports compared to the estimated,” Secex said in a note.
In its most recent projection, Secex had calculated a $55.4 billion surplus, the result of $330.3 billion in exports and $274.9 billion in imports. In this case, the total trade would be $605.2 billion.
“The higher-than-expected total trade figure is explained by the higher growth of exports compared to the estimated one,” said Secex.
As for exports, the sector with the highest growth last year was agriculture, “mainly due to higher prices.”
In addition, “growth in value was seen to Brazil’s main trading partners in 2022,” such as China, the European Union, the United States, and Argentina.
Last year, agricultural exports grew 36.11% year-over-year, while the extractive industry saw an increase of 4.64%, and the manufacturing industry posted an increase of 26.18%.
Sales to China rose by 1.46%, while those to Asia increased by 7.54%. Exports to North America grew 19.86%, those to South America climbed 29.03%, and exports to Europe rose 31.39% year-over-year.
As for imports, there was an increase of 6.31% in agricultural purchases, an increase of 69.8% in the extractive industry, and a 22.89% advance in the manufacturing industry.
Regarding imports, the price was also “a determining factor for the increase in value” in 2022. In addition, “an increase in the value imported is noted in all categories” last year, formed by capital goods, intermediate goods, consumer goods, and fuels.
Finally, the “main suppliers of goods to Brazil” in 2022 were China, the European Union, the United States, and Argentina.
*By Estevão Taiar — Brasília
Source: Valor International