Brazilian export increased 24.4% in the first quarter this year from the same period last year. Imports also expanded, by 12%. The balance of trade reported a surplus $14.4 billion. Figures were released by the Getulio Vargas Foundation today (Apr. 26) in Rio de Janeiro.
With the performance observed in the first quarter, the Brazilian foreign trade is estimated to close out the year with a positive balance of $50 billion.
Export grew less (11%) than imports (17%) in the first three months this year compared to the equivalent in 2016. The most significant hike was seen in the mining industry (38%), followed by manufacturing industry (9%). Agriculture slid 7%. As for values, an increase of 15% was reported in the price of exports, compared to a 3% expansion in the price of imports.
The volume of exports of non-commodities boosted 16%, whereas commodities saw a 6% expansion. As for values, while the price of imports contracted 11%, the price of exports advanced 29%. Among non-commodities, the price of exports held steady, whereas imports fell 6.5%.
“Commodity prices had been depressed up to the end of last year, and experienced a recovery early this year. In Brazil, for instance, princes of iron ore and oil improved. We also have a more favorable international demand,” said Lia Valls, researcher at the Getulio Vargas Foundation.