Itaú BBA - $7.5 billion trade surplus in June

Macro Brazil

< Volver

$7.5 billion trade surplus in June

julio 1, 2020

We forecast a wide trade surplus this year as imports fall more sharply than exports


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

 The trade balance in June was positive by $7.5 billion, beating our forecast ($6.8 billion surplus) and market estimates ($7.1 billion surplus). Stronger exports as well as weaker imports were behind the surprise vs. our call. 

 The surplus resulted from $17.9 billion exports and $10.4 billion imports. The balance is larger than the $5.0 billion surplus posted one year earlier. The annualized seasonally adjusted quarterly moving average for the trade balance advanced to $58 billion from $50 billion. 

 Figures released in recent months reflect the slowdown in global trade and, in particular, the decline in economic activity in Brazil due to the coronavirus epidemic.


Julia Gottlieb
Thales Caramella


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



< Volver