Data release: 08/05/2022
Bottom line: US$ 5.4 billion surplus in July
In July 2022, the Brazilian trade balance registered a surplus of US$ 5.6 billion, below our expectations of US$ 6.5 bn and the market expectations (US$ 7 bn). The seasonally adjusted annualized trade balance stood at US$ 70 billion, but when we exclude oil, the trade balance falls to US$ 55 billion. The exports retreated 5.5% over the month, and the imports shrank 1.8%. In the MoM, Ex-oil exports registered -7.5%, and imports did +1.7%.
On the import side, the group of fuels and lubricants displayed a fall of 9.1% MoM, and pharmaceuticals did -2.3%.
The main positive highlight on the exports side was oil and oil-derivatives group, that performed 11.1% over the month. However, this uptrend was offset by negative data on the other categories, mainly minerals (-11.2% MoM) and transportation material (-32.5%).
Between January and July 2021, the accumulated trade balance was US$ 44.4 billion. This year’s balance is US$ 38.9 billion.
