Brazil Achieves Record High Surplus of $98.8 Billion in 2023

Brazil reported a historic surplus of $98.8 billion in 2023, marking the highest in the historical series that began in 1989. The data was released on Friday, January 05, by the Ministry of Development, Industry, Trade, and Services (MDIC).

The positive balance exceeded that of 2022 by 60.6%. In that year, Brazil recorded a surplus of $61.5 billion.

A surplus occurs when the value exported by Brazil surpasses imports. Conversely, a deficit is recorded in the trade balance if imports are higher.

In total, in 2023:

• Exports amounted to $339.7 billion.
• Imports totaled $240.8 billion.

Record-Breaking Exports

According to government data, exports increased by 1.7% compared to 2022, reaching $339.7 billion.

The agribusiness sector accounted for 24% of Brazilian exports, totaling $81.5 billion in 2023. Meanwhile, the extractive industry contributed 23.2% to the annual result, with $78.8 billion.

Imports contracted by 11.7% compared to 2022, totaling $240.8 billion. In the previous year, the value was $272.6 billion.

Source: G1

Click here to read the original news report: https://g1.globo.com/economia/noticia/2024/01/05/balanca-comercial-ultrapassa-us-98-bilhoes-em-2023-maior-valor-da-serie-historica.ghtml

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