Record oil exports lifts Brazil trade surplus above forecasts in Oct

Brazil recorded a USD9.3 billion merchandise surplus in October, exceeding the USD9.1 billion forecast in a Reuters poll, Business Recorder reported, citing official figures. The balance was nearly 40 percent larger than in the same month last year, as exports climbed 20.0 percent to USD37.8 billion and imports grew 14.8 percent to USD28.5 billion.

Crude shipments led the advance: their value reached USD8.5 billion, up 122.6 percent, while exported volume hit 14.49 million metric tons, a 63 percent increase. The ministry said the combined value of Brazil’s monthly trade flows reached a record, with both sides of the trade ledger setting highs; year to date, the surplus had expanded 34.1 percent to USD71.0 billion.