(MENAFN- The Rio Times) In 2023, Brazil achieved a significant milestone by exceeding $300 billion in exports for the second year in a row.
The government announced this accomplishment recently. The Ministry of Development, Industry, Commerce, and Services provided the data.
By the third week of November, Brazil's total export had reached $300.014 billion. Meanwhile, imports stood at $213.502 billion.
This resulted in a trade surplus of $86.512 billion for the year, setting a new record.
The surplus was evident after the third week of November showed a gain of $1.963 billion. Last week's figures were particularly strong.
Brazil exported goods worth $6.055 billion and imported goods valued at $4.092 billion.
Consequently, November's trade balance has been positive, with a gain of $6.003 billion.
This number is nearing the all-time monthly high of $6.200 billion set in November last year.
So far this month, exports have amounted to $17.226 billion, with imports at $11.222 billion.
2022 saw Brazil setting the previous record when exports outpaced imports by $61.525 billion.
The year before, in 2021, the surplus was close $61.407 billion.
Despite a downturn in the prices of raw materials, the Brazilian government expects an even higher surplus for 2023.
They predict a record-breaking $93 billion, which is an increase from the $84.7 billion projected in July.
These government forecasts are more optimistic than those from financial experts.
The Focus bulletin, a weekly report from the Central Bank, suggests a lower surplus of $77 billion for the year.
This shows a cautious approach from market analysts compared to the government's expectations.
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