Surplus of USD 4.0 billion in September
In September, the trade balance registered a USD 4.0 billion surplus, which means a seasonally adjusted and annualized balance of USD 55 billion. Excluding oil, this balance falls to USD 54 billion.
Exports declined 4.2% in this period and imports, 4.4%. When we exclude oil, we have a drop of 4.5% in exports and a bigger one in imports, of 6.6%.
The negative performance of imports reflects mainly the retreat of Cotton (-19.5% MoM), Fertilizers (-18.0% MoM) and Steel Products (-16.4% MoM). The counterpoint was the Fuel group, which grew 16.4%.
Looking at exports, highlight for Sugar (-17.5% MoM) and Woods (-13.3% MoM). On the other hand, Textiles stand out positively, growing 47.6% in the month.
Between January and September 2021, the accumulated balance was USD 56.4 billion, against USD 47.7 billion this year.
