Brazil's trade surplus in January fell sharply by 65.1% compared to the same period last year, as imports surged by double digits while exports declined, as indicated by official data released on Friday. The country's $2.2 billion surplus for the month marked a decrease from $6.2 billion a year earlier, according to the Ministry of Development, Industry, Trade, and Services. Economists surveyed by Reuters anticipated a surplus of $3 billion. The decrease was driven by a 5.7% dip in exports, totaling $25.2 billion, chiefly due to substantial price decreases in key Brazilian exports like crude oil and iron ore. Concurrently, imports climbed 12.2% to $23 billion, led by increased purchases of fuels, fertilizers, non-electric engines and machinery, and automotive parts and accessories.
Last month, the government predicted a trade surplus ranging between $60 billion and $80 billion for this year, contrasting with the revised figure of $74.6 billion for 2024 initially reported as $74.2 billion on Friday.