Brazil will have a trade surplus of about 70 billion euros in 2023, 14.3% more than in 2022 and a new record for the country, according to projections released Tuesday by industry sources. Brazil to have record trade surplus in 2023
The mark forecast for next year will surpass that of 2020, when the South American powerhouse’s trade balance surplus was about 60 billion euros, so far the country’s largest.
According to the Brazilian Foreign Trade Association (ABC), although it is a new record, it is a “negative” surplus, because it is the result of the fall in both exports and imports.
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According to the employers’ projections, exports will fall by 2.3% in 2023.
The decline will be sharper for imports (-6.2%).
The war in Ukraine, high interest rates in the United States, and problems in China due to covid-19 may have a negative impact on the trade balance results.
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Products such as soybeans, oil, and minerals traded on the international market will continue to drive Brazil’s economy, with 35.7% of exports estimated for 2023, but prices may fall due to the aforementioned factors.
