Itaú BBA - Rising exports ensure wider-than-expected trade surplus in February

Macro Brazil

< Volver

Rising exports ensure wider-than-expected trade surplus in February

marzo 2, 2020

The trade balance in February was positive by $3.1 billion, beating our forecast and market estimates


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

 

 The trade balance in February was positive by $3.1 billion, beating our forecast ($1.2 billion surplus) and market estimates ($1.5 billion surplus). Higher-than-expected exports in the last week of the month were behind the surprise vs. our call. 

 The balance resulted from $16.4 billion exports and $13.3 billion imports and is slightly weaker than the $3.3 billion surplus posted one year earlier. The annualized seasonally adjusted quarterly moving average trade surplus receded to $36.9 billion from $40.7 billion.

 

Julia Gottlieb
Thales Caramella


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



< Volver