Brazil’s commerce surplus shrinks by practically 1 / 4 in 2024 on rising imports

By Marcela Ayres

BRASILIA (Reuters) – Brazil’s commerce surplus shrank by practically 25% in 2024 in comparison with the earlier yr, falling to $74.6 billion, official knowledge confirmed on Monday, pushed by greater imports as Latin America’s largest economic system outpaced preliminary progress expectations.

The annual outcome adopted a $4.8 billion surplus in December, which exceeded a $3.9 billion forecast in a Reuters ballot of economists.

Regardless of the 24.6% drop from 2023, the 2024 commerce surplus was the second-largest since information started in 1989, trailing solely the $98.9 billion surplus achieved the earlier yr.

Exports remained largely flat, falling 0.8% from 2023 to $337 billion, impacted by decrease costs and volumes for key Brazilian commodities resembling soybeans and corn.

In the meantime, imports rose 9% over the identical interval to $262.5 billion, buoyed by robust home demand.

Financial exercise constantly outperformed expectations all year long, with the federal government estimating gross home product progress of three.5% for 2024.

For 2025, the commerce surplus is projected to vary between $60 billion and $80 billion, in accordance with the Ministry of Improvement, Business, Commerce, and Providers.