BRASÍLIA: Brazil recorded a trade surplus of $7.6 billion in July, the Ministry of Development, Industry, Trade, and Services in Brasília announced on Wednesday, marking a 6.6% decline from the $8.2 billion surplus in July 2023.

According to Agência Brasil, the released data showed that Brazilian exports hit a record in July, reaching $30.9 billion. This was driven by strong performances by agriculture items (soybeans and coffee), the extractive industry (iron ore) and the manufacturing industry (sugar, beef, and steel).

Imports also increased compared to July 2023, notably in capital goods, resulting in a trade flow of approximately $54.2 billion.

In the year to date, Brazil achieved $198.2 billion in exports, an increase of 2.4%, over the first seven months of 2023, and $148.6 billion in imports, an increase of 5.6%.

The Ministry expects Brazil’s exports to grow by 1.7% by the end of 2024, reflecting continued strength in key sectors.

Source: Emirates News Agency