Brazil posts record trade surplus for November boosted by sales to China

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

According to the Economy Ministry, the trade surplus reached $6.7 billion in November, beating a $5 billion surplus expected by economists in a Reuters poll.

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

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

They were helped by a 35.6% increase in sales to China, which ensured a 0.2% year-to-date growth in exports to the Asian giant, reversing the 1.8% 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 in November the first shipments of Brazilian corn since a new bilateral trade protocol entered into force.

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

In contrast, Brazilian imports were down 5.5% over November 2021, totaling $21.5 billion.

Year-to-date, the trade balance surplus reached $58 billion, up from $57.4 billion in the same period last year.

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