Itaú BBA - $2.3 billion trade surplus in September

Macro Brazil

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$2.3 billion trade surplus in September

octubre 1, 2019

The seasonally-adjusted annualized quarterly moving average slid to $31.1 billion from $34.7 billion in August.

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

 

  The trade surplus reached $2.3 billion in September, disappointing our estimate ($2.7 billion) and market expectations ($3.2 billion), as imports were higher than anticipated due to transactions involving oil-drilling rigs. The surplus is narrower than the $5.1 billion seen one year earlier. The seasonally-adjusted annualized quarterly moving average slid to $31.1 billion from $34.7 billion in August, while the trade surplus over 12 months declined to $52.7 billion from $55.6 billion. September figures show a weakening trade balance in 3Q19 due to the slowing global economy and rising imports.


Julia Gottlieb
Thales Caramella
 



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