Brazil’s trade surplus shrinks by nearly a quarter in 2024 on rising imports
2025.01.06 14:46
By Marcela Ayres
BRASILIA (Reuters) – Brazil’s trade surplus shrank by nearly 25% in 2024 compared to the previous year, falling to $74.6 billion, official data showed on Monday, driven by higher imports as Latin America’s largest economy outpaced initial growth expectations.
The annual result followed a $4.8 billion surplus in December, which exceeded a $3.9 billion forecast in a Reuters poll of economists.
Despite the 24.6% drop from 2023, the 2024 trade surplus was the second-largest since records began in 1989, trailing only the $98.9 billion surplus achieved the previous year.
Exports remained largely flat, falling 0.8% from 2023 to $337 billion, impacted by lower prices and volumes for key Brazilian commodities such as soybeans and corn.
Meanwhile, imports rose 9% over the same period to $262.5 billion, buoyed by strong domestic demand.
Economic activity consistently outperformed expectations throughout the year, with the government estimating gross domestic product growth of 3.5% for 2024.
For 2025, the trade surplus is projected to range between $60 billion and $80 billion, according to the Ministry of Development, Industry, Trade, and Services.
