Brazil's trade surplus misses estimates in January with 65% drop, imports surge
BRASILIA, Feb 7 (Reuters) - Brazil's trade surplus plummeted 65.1% in January compared to the same month last year, official data showed on Friday, as imports rose by double digits while exports fell.
Latin America's largest economy posted a $2.2 billion surplus for the month, down from $6.2 billion a year earlier, according to the Ministry of Development, Industry, Trade, and Services.
Economists polled by Reuters had expected a $3 billion surplus.
The result followed a 5.7% drop in exports from January last year, totaling $25.2 billion, dragged down by significant price declines in key Brazilian exports, such as crude oil and iron ore.
Meanwhile, imports rose 12.2% to $23 billion, driven mainly by higher purchases of fuels, fertilizers, non-electric engines and machinery, and automotive parts and accessories.
Last month, the government projected that the trade surplus would range between $60 billion and $80 billion this year, down from $74.6 billion in 2024.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
India's equity benchmarks poised for flat open
June 12 (Reuters) - India's benchmark indexes are poised for a muted open on Thursday as investors weigh the U.S.-China trade deal, which lacks details and leaves the door open for potential tariff flare-ups. The Gift Nifty futures were trading at 25,210.5 as of 7:44 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open near its Wednesday's close of 25,141.4. The Nifty rose for the last six consecutive sessions, trading at eight-month highs, buoyed by the Reserve Bank of India's (RBI) policy support and signs of progress in global trade negotiations. However, sentiment in Asian markets was subdued on the day, mirroring Wall Street's overnight losses amid fresh geopolitical tensions and ambiguity in the U.S.-China deal. U.S. President Donald Trump said a framework on tariff rates had been reached to revive the fragile trade truce with China. While this lifted investor hopes, the lack of specifics kept markets on edge. Trump also announced a partial evacuation of U.S. personnel from the Middle East, calling the region "a dangerous place," and reiterated that the U.S. would not allow Iran to develop nuclear weapons. Meanwhile, domestic institutional investors extended their buying streak to the 17th session on Wednesday, while foreign portfolio investors ended their three-day purchase run. Investors now await the consumer inflation data for May, due post-market. A Reuters poll projects inflation to have eased to a six-year low of 3% on a favorable base and softening food prices, reinforcing the RBI's recent policy easing. ** Zydus Lifesciences ( opens new tab receives an establishment inspection report from the U.S. drug regulator for its Ankleshwar-based API manufacturing facility, indicating the end of the inspection ** Sterlite Technologies ( opens new tab enters agreement with BSNL for a network project valued at 26.31 billion rupees ($307.9 million) ** Tanla Platforms ( opens new tab announces it will consider buyback of equity shares on June 16 ($1 = 85.4420 Indian rupees)
BBC News
2 hours ago
- BBC News
Trump claims rare earths deal 'done' with China
When Trump announced sweeping tariffs on imports from a number of countries earlier this year, China was the hardest hit. China responded with its own higher rates on US imports, triggering further tit-for-tat increases. In May, talks held in Switzerland led to a temporary truce that Trump called a "total reset". It brought Trump's new US tariffs on Chinese products down from 145% to 30%, while Beijing slashed levies on US imports to 10% and promised to lift barriers on critical mineral exports. It gave both sides a 90-day deadline to try to reach a trade deal. But the US and China subsequently claimed breaches on non-tariff pledges. In his social media post, Trump said the US would have tariffs on Chinese goods of 55%, but officials said the figure included tariffs put in place during his first term. Markets showed little response to the deal, which Terry Haines, founder of the Washington-based consultancy Pangaea Policy, described as having both "very limited scope and unfinished status". "Setting the Geneva 'pause' back on track is the smallest of accomplishments, and doesn't suggest that a broad US-China trade deal or geopolitical rapprochement is any closer in the foreseeable future," he wrote.
Reuters
4 hours ago
- Reuters
Trump: willing to extend July 8 deadline for trade talks, but not likely necessary
WASHINGTON, June 11 (Reuters) - U.S. President Donald Trump said on Wednesday he would be willing to extend a July 8 deadline for completing trade talks with countries before higher U.S. tariffs take effect, but did not believe that would be necessary. Trump, speaking to reporters before a performance of "Les Miserables" at the Kennedy Center, said trade negotiations were continuing with about 15 countries, including South Korea, Japan and the European Union. He said the U.S. would send out letters in one to two weeks outlining the terms of trade deals to dozens of other countries, which they could embrace or reject.
