*Brazil’s ministry for industry and trade has released its latest figures for the country’s trade balance, showing a monthly trade surplus of US$4.83bn in August. This marks a 49.9% decrease from August 2023. The total export value in August came to US$29.08bn, down 6.5% compared to the same month last year, while the monthly import value rose to US$24.25bn, up 13.0% year-on-year. The export values of agricultural products were down 19.1% in yearly terms and products from extractive industries dropped by 8.1%, but manufacturing saw a slight year-on-year increase of 0.6%. Notable annual drops were registered in agriculture products such as raw or paddy rice, down 48.7% in export value, and unmilled corn (excluding sweetcorn), down 47.0%. Regarding export destinations, the monthly export values to two of Brazil’s top three trade partners saw yearly decreases. The total export value to Brazil’s largest trade partner, China, Hong Kong, & Macau, was down 19.4% in August, while the export value to Argentina dropped by 17.2%. However, the value of exports to the US, Brazil’s second largest trade partner, saw a year-on-year rise of 1.7%.
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