Itaú BBA - $30 billion trade surplus in 1H18

Macro Brazil

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$30 billion trade surplus in 1H18

July 3, 2018

The trade balance seems to have stabilized on a lower level than in the beginning of the year

For the version with all charts and tables, please open the attached pdf file 
 

The trade surplus reached $5.9 billion in June, somewhat below our estimate ($6.2 billion) and disappointing market consensus ($6.6 billion). Over 12 months, the trade surplus shrank to $61 billion, while the seasonally-adjusted annualized quarterly moving average fell to $55 billion from $61 billion. The first week of June was still impacted by the truckers’ stoppage, but exports and imports normalized during the rest of the month.
 

Julia Gottlieb
 


For the version with all charts and tables, please open the attached pdf file 



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