Brazil logs record trade surplus despite troubles

Brazil logs record trade surplus despite troubles July 31, 2018Leave a comment

RIO DE JANEIRO (Brazil): Brazil logged an archive US$48-million trade surplus this past year, a silver lining to the economic and political turmoil, the us government said Monday.

The country’s key oil, auto and sugar exports fell at the slower pace than its plunging imports, move secretary Abrao Neto said.

The Brazilian government is vowing to download Latin America’s biggest economy outside of recession.

The trade ministry said exports exceeded imports by US$47.692 million in 2016.

That was the largest such trade surplus since current records began in 1989.

Exports declined by 3.5% compared to 2015 but imports plunged by greater fifth, the ministry said.

China was the largest market for Brazilian goods.

“Exports and imports usually are likely grow in 2017,” Neto said.

Brazil’s economy shrank 3.8% in 2015 in addition to a further fall close to 3.5% was forecast for 2016.

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