Brazil posted one of the biggest surpluses in June’s trade record and the Ministry of Economy raised the forecast of 2020 overall surplus by almost 20%. This month, Brazil recorded a $7.5 billion surplus was way higher than the initial expectation of $6.95 billion, and further inclining from $5.4 billion on a year-on-year comparison. Data shows the figure as second-biggest monthly trade surplus in Brazil’s history, behind the 2017 massive surplus of $7.7 billion dollars. June exports totalled $17.9 billion and imports were $10.4 billion, and the accumulated surplus in the first half of 2020 is recorded at $23 billion. Although the cumulative surplus was 10% smaller than last year figure since the last couple months the economic activity was practically halted during the lockdowns.
Brazil’s economy ministry raised 2020 trade forecast surplus by almost 20% from $46.6 billion to $55.4 billion with the declining economy pressures on imports, and weak currency combined with competitiveness supporting exports. Imports are expecting to total in $147.1 billion from previous $153.2 billion, while exports forecast rising from previous $199.8 billion to $202.5 billion. This total is still sharply declined from last year as international trade and commerce are still in feeble situation after the global outbreak. The economy ministry forecast is now much higher than recent revised projection of Brazil’s central bank, totalling in $39 billion surplus. This also will be 35% larger than $40.8 billion last year surplus.
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Published on July 2, 2020 6:09 PM (GMT+8)Last Updated on July 2, 2020 6:09 PM (GMT+8)
