Arab Today, arab today brazil trade surplus up on lower imports
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Brazil trade surplus up on lower imports

Arab Today, arab today

Arab Today, arab today Brazil trade surplus up on lower imports

The port of Santos
Brasília - AFP

A steep decline in imports saw Brazil post a better-than-expected trade surplus of $2.761 billion in May to trim its deficit for the year to date to 2.305 billion, the government said Monday.

The May result, the best since 2012, continued a trend which started in March and gave Brazil some room for maneuver after January-February brought a combined deficit of $6 billion.

Trade Ministry figures showed imports down by more than a quarter, 26.5 percent, on May 2014 while exports slid 15.2 percent.

For January-May, exports fell 16.2 percent compared with imports off a total 18.1 percent over the same period.

In April, Brazil delivered a $491 million trade surplus.

Brazil last year unveiled its first annual trade deficit in 14 years at $3.930 billion on falling commodity prices as well as economic weakness in neighboring Argentina, a major regional trading partner.

Those factors have continued to depress the performance of South America's largest economy.

The economy as a whole has struggled with Brazil facing a fifth straight year of low growth. IMF and government forecasts expect a contraction of around 1.0 to 1.2 percent this year following a meager 0.1 percent rise in GDP last year.

The government has responded with a package of austerity measures, last month announcing spending cuts of $23.3 billion.

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