Itaú BBA - Stronger trade surplus at the margin

Macro Brazil

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Stronger trade surplus at the margin

diciembre 3, 2018

November figures suggest a stronger trade balance in 4Q18, led by exports of basic items


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

The trade surplus reached $4.1 billion in November, printing slightly below our estimate ($4.3 billion) and market consensus ($4.6 billion). Nevertheless, the trade balance is strong at the margin. Exports of manufactured items and purchases of capital goods were distorted by transactions involving oil-drilling rigs. Over 12 months, the trade surplus advanced to $58 billion from $57 billion, while the seasonally-adjusted annualized quarterly moving average climbed to $70 billion in November from $61 billion in October.
 

Julia Gottlieb
Thales Caramella

 

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



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