LatinNews Daily - 08 January 2024

*Brazil’s ministry of industry & trade has released the trade balance for 2023, showing an annual trade surplus of US$98.8bn. This marks an increase of 60.6% compared to the 2022 surplus, the previous record. The annual export value totalled US$339.67bn, up 1.7% year-on-year, and the export volume saw a yearly rise of 8.7%. Annual imports in 2023 registered a value of US$240.83bn, down 11.7% from 2022, while the import volume decreased by 2.6%. Brazil’s top export destination last year was China, with an export value of US$105.75bn, marking a 16.5% year-on-year increase and the first time in Brazil’s history that exports to a single country surpassed US$100bn. The total value of exports to Argentina (US$16.72bn) increased by 8.9% from 2022, but the value of exports to the US and the European Union (EU) decreased by 1.5% and 9.1% respectively. The agricultural sector and extractive industries registered annual rises in exports of 9.0% and 3.5% respectively, while the manufacturing sector saw an annual decrease of 2.3%. At a press conference, Vice President Geraldo Alckmin, who serves as minister for industry & trade, praised the active diplomatic presence of President Luiz Inácio Lula da Silva in 2023, partially attributing the strong trade surplus to the numerous Brazilian delegations that Lula led to key markets.