Itaú BBA - Sharper-than-expected drop in exports in May

Macro Brazil

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Sharper-than-expected drop in exports in May

June 1, 2018

Exports declined sharply in the final week of the month, reflecting the impact of the truckers’ strike

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

The trade surplus reached $6.0 billion in May, substantially below our estimate ($7.8 billion) and market consensus ($7.2 billion). Over 12 months, the trade surplus shrank to $64 billion, and the seasonally-adjusted annualized quarterly moving average receded to $61 billion from $70 billion, driven by weaker exports at the margin, probably due to the truckers’ strike in the final week of the month. Imports also seem to have been impacted by the strike, but less intensely.

Julia Gottlieb

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



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