Itaú BBA - $5.0 billion trade surplus in March

Macro Brazil

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$5.0 billion trade surplus in March

April 1, 2019

Exports weakened at the margin

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

• The trade surplus in March reached $5.0 billion, somewhat below our forecast ($5.6 billion) and market consensus ($5.4 billion), as exports weakened at the margin. The surplus over 12 months receded to $57 billion from $58 billion, while the seasonally-adjusted annualized quarterly moving average slid to $57 billion from $68 billion in February.

Thales Caramella

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