Itaú BBA - Trade surplus of $2.2 billion in January

Macro Brazil

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Trade surplus of $2.2 billion in January

febrero 1, 2019

January figures point to a slight moderation in the trade balance, but the trade surplus remains at a historically high level

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

The trade surplus reached $2.2 billion in January, missing our forecast ($2.7 billion) and market consensus ($3.5 billion). Exports of manufactured items and capital goods imports were distorted by operations involving oil-drilling rigs last month. The surplus over 12 months remained at $58 billion, while the seasonally-adjusted annualized quarterly moving average slid to $72 billion from $73 billion in December.
 

Julia Gottlieb
Thales Caramella


 

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



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