Brazil posts record November trade surplus

BRASILIA Brazil posted a record trade surplus for November, official data showed on Thursday, driven by booming exports, with emphasis on sales to China.

The trade surplus reached $6.7 billion in November, beating the $5 billion surplus predicted by economists in a Reuters poll.

This was the strongest result for the month in the series starting in 1989.

Exports jumped 30.5 per cent over the same month in 2021, to $28.2 billion.

A 35.6 per cent increase in sales to China helped in a 0.2 per cent year-to-date growth in exports to the Asian giant, reversing the 1.8 per cent drop seen in the Jan-Oct period, said Herlon Brandao, undersecretary of intelligence and foreign trade statistics.

Brazil's main trade partner, China, was expecting to see the first shipment of Brazilian corn since a new bilateral trade protocol entered into force in November.

In November, total corn exports rose 222.3 per cent from the same month last year, according to data from the ministry. Oil sales posted a strong 124.9 per cent expansion in the period, while sugar exports rose 69.8 per cent.

Brazilian imports fell by 5.5 per cent over November 2021, totaling $21.5 billion.

The trade balance surplus reached $58 billion a year ago, up from $57.4 billion in the same period last year.