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LatinNews Regional Monitor: Brazil & Southern Cone - 04 February 2020
In brief: Brazil records trade deficit in January
* Brazil’s foreign trade secretariat in the economy ministry (Secex/ME) has released the figures for the country’s trade balance in January 2020, according to which Brazil recorded a US$1.7bn trade deficit, the first monthly trade deficit for January in five years. The Secex/ME notes that this is in large part due to the import of an oil rig for the sum of US$2bn, and that January 2019 had, by comparison, seen unusually high value exports, with the sale of an oil rig and record exports for cellulose. Compared with January last year, sales of oil rigs, crude oil, cellulose, maize and soya all decreased in value in January 2020. Brazil’s trade balance totalled US$30.6bn in January 2020, with exports accounting for US$14.4bn, while imports accounted for US$16.1bn.
