MercoPress. South Atlantic News Agency

Weaker Brazilian currency helped boost exports during February

February's figure was the result of exports totaling US$ 16.4 billion and imports reaching US$ 13.3 billion.

Brazil posted a trade surplus of US$ 3.1 billion in February, official data showed on Monday, double expectations and a sign that the record low exchange rate may finally be starting to support exports.

February's figure was double the median consensus forecast of a US$ 1.5 billion surplus, a result of exports totaling US$ 16.4 billion and imports reaching US$ 13.3 billion.

Trade is expected to be a net drag on Brazil's economy this year. Exports are likely to suffer from a sharp slowdown in global growth, continued weakness in neighboring Argentina and now an anticipated steep fall in demand from China.

China is Brazil's No.1 trading partner, accounting for almost 30% of total exports. But the coronavirus outbreak is expected to depress growth there to its lowest level in three decades.

So far, there has been little evidence that the Real's slide to a record low of 4.50 per dollar is boosting overseas demand for Brazilian goods.