With lower exports of soybeans and oil, the trade balance surplus drops 30% in March, to US$ 7.5 billion

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The result was also influenced by the smaller number of working days. Information was released by the Ministry of Development, Industry, Commerce and Services, this Thursday (4). The trade balance recorded a surplus of US$7.48 billion in March, the Ministry of Development, Industry, Commerce and Services reported this Thursday (4). The result is a surplus when exports exceed imports. When the opposite happens, the result is deficient. According to the MDIC, the positive balance fell by 30.4% compared to the same month in 2023 — when it totaled US$10.75 billion (historical record). According to the government, in March: exports totaled US$27.98 billion, a drop of 14.8%; imports totaled US$20.49 billion, a decline of 7.1%. The March result was also influenced by the smaller number of working days. Last month, 20 working days were recorded, compared to 23 working days in March 2023. First quarter In the first three months of the year, according to official data, the trade balance was positive at US$ 19.07 billion, an increase of 22 .2% compared to the same period last year (US$ 15.6 billion). The surplus for the first three months of this year is also the largest in the entire historical series, which began in 1989, for the period. Exports in March The director of statistics and foreign trade studies at MDIC, Herlon Brandão, said that the drop in the price of soybeans on the international market and the decrease in oil sales in relation to last year’s high volume were reflected in the result released this Thursday. The decline in exports of these products totaled almost US$4 billion in March this year. The drop in the price of soybeans on the international market harmed exports in March. Jaelson Lucas/AEN Archive Foreign sales of soybeans, for example, totaled US$5.39 billion in March this year, a drop of US$1.96 billion (or 26.7%) compared to the same month in 2023 — when they were 7.36 billion. Oil exports, in turn, totaled US$ 3.52 billion in March this year, with a decline of US$ 1.96 billion (35.5%) compared to the same month last year — when they reached US$ 5.52 billion. “Just the drop in exports of these two products, for different reasons — oil due to the high comparison base caused volume to drop and soybeans due to lower prices caused revenue to drop — already represent a large part of the drop in exports of the month”, said Brandão. “As soy is being exported at a lower price and the main volumes occur in these months [começando em março], this price effect is more preponderant at this moment. It will be essential to observe the next quarter to have more clarity on how exports will perform in the year”, stated the director of the MDIC. On the other hand, foreign sales of sugar and molasses increased 77% in March this year, to US$ 1.47 billion, and iron ore exports increased 3.4%, to US$ 2.45 billion. Main buyers in March China and Macau: US$7.06 billion, down 3.6% European Union: US$3.85 billion, down 15.4% United States: US$3 billion, down 15.4% 19.9% ​​Association of Southeast Asian Nations: US$865 million, down 0.3% Mercosur: US$1.67 billion (+1.4%), with US$1.21 billion for Argentina alone (+2.8%). Forecast for 2024 The Ministry of Development also reduced its projection for the trade balance surplus in 2024, from US$94.4 billion to US$74.3 billion. The estimate for exports this year fell from US$348.2 billion to US$332.6 billion. The projection for imports in 2024 rose from US$253.8 billion to US$259.1 billion. “The prices of goods are falling, especially agricultural goods; oil with a slight drop; iron ore with a slight drop. These are the three main products that Brazil exports. So the behavior of the price is decisive and will be decisive for the result of the year”, explained Brandão about the revision in the projection for sales abroad. Remember, in the video below, the balance of the Brazilian trade balance for the entire year 2023: Brazilian trade balance closes 2023 with a record balance of almost US$ 100 billion

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