MercoPress. South Atlantic News Agency

Record foreign trade activity in Brazil; 8 month surplus equals all 2010

“An extraordinary month” said Secretary Prazeres

Brazil's trade surplus grew more than expected in August as the value of exports climbed to its highest this year, outpacing strong import growth.

Brazil posted an August trade surplus of 3.87 billion dollars, up from 3.4 billion in July, reported the Foreign Trade ministry.

“It has been an extraordinary month for Brazil’s foreign trade; we can say with satisfaction that in the first eight months of this year we have the same surplus as in the whole of 2010”, said Tatiana Prazeres, Foreign trade secretary.

In 2010, Brazil's trade surplus dwindled to 20.3 billion dollars from 25.3 billion the previous year as the fastest economic expansion in nearly three decades, coupled with a strong currency, increased demand for imports.

In the first eight months of this year, the country has accumulated a surplus of 19.96 billion dollars, nearly double the 11.62 billion trade surplus accumulated through August 2010.

In August, exports reached 26.16 billion, up from 22.25 billion in July and 19.24 billion in August last year.

Imports last month totalled 22.29 billion, compared with 19.12 billion in July. In the year-ago period, imports were 16.84 billion.

“We’re talking of Brazil’s most active month in the history of foreign trade, monthly record of exports and imports”, said Tatiana Prazeres, Foreign trade secretary.

In the first eight months of the year, exports have totalled 166.7 billion (up 32%) and imports 146.75 billion (up 28%).

China is the main destination of Brazilian exports followed by the US and Argentina.

Last year Brazil’s export hit a record 201.9 billion dollars, up 32%, although imports also surged 42% reaching 181.6 billion dollars.

Brazil is a major exporter of food and mineral commodities, including soybeans, beef and iron ore.