Trade balance exceeds US$98 billion in 2023, highest value in the historical series

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Positive balance exceeded that of 2022 by 60.6%. Surplus occurs when exports exceed imports. The agricultural sector accounted for 24% of Brazilian exports in 2023. The agricultural sector accounted for 24% of Brazilian exports in 2023 Reuters via BBC Brazil recorded a record surplus of US$ 98.8 billion in 2023 – the largest in the historical series, which begins in 1989. The data was released this Friday (5) by the Ministry of Development, Industry, Commerce and Services (MDIC). The positive balance exceeded that of 2022 by 60.6%. That year, Brazil recorded a surplus of US$61.5 billion. The surplus occurs when the value exported by Brazil exceeds imports. Otherwise, if imports are greater, a deficit will be recorded in the trade balance. In total, in 2023: exports totaled US$339.7 billion; imports totaled US$240.8 billion. Record exports Exports increased 1.7% compared to 2022, reaching US$339.7 billion, according to government data. The agricultural sector accounted for 24% of Brazilian exports, totaling US$81.5 billion in 2023. Growth in the year was 9%. The extractive sector registered a 23.2% share in the year’s result, with US$78.8 billion. In relation to 2022, there was an increase of 3.5%. The extractive industry, in turn, recorded a drop of 2.3% in the year, with exports of US$ 177.2 billion. The sector has the largest share of national exports, with 52.2%. The most exported items were: soybeans, with a 15.6% share; crude petroleum or bituminous mineral oils, raw (12.52%); iron ore and its concentrates (8.98%); sugars and molasses (4.64%); fuel oils from petroleum or bituminous minerals (except crude oils) (3.9%) Imports fell 11.7% compared to 2022, totaling US$ 240.8 billion. In the previous year, the value was US$272.6 billion.

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