BRASILIA (Reuters) -Brazil’s trade surplus plummeted 65.1% in January compared to the same month last year, official data showed on Friday, as imports rose by double digits while exports fell.
Latin America’s largest economy posted a $2.2 billion surplus for the month, down from $6.2 billion a year earlier, according to the Ministry of Development, Industry, Trade, and Services.
Economists polled by Reuters had expected a $3 billion surplus.
The result followed a 5.7% drop in exports from January last year, totaling $25.2 billion, dragged down by significant price declines in key Brazilian exports such as crude oil and iron ore.
Meanwhile, imports rose 12.2% to $23 billion, driven mainly by higher purchases of fuels, fertilizers, non-electric engines and machinery, and automotive parts and accessories.
Last month, the government projected that the trade surplus would range between $60 billion and $80 billion this year, compared to $74.2 billion in 2024, which the government revised on Friday after initially reporting $74.6 billion.
(Reporting by Marcela Ayres; Editing by Brendan O’Boyle and Mark Porter)
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