YTD trade balance shows a surplus of US$ 1.43 bi

Mar, 22, 2021 Posted by Ruth Hollard

Week 202113

Data released this Monday, March 22, by the Foreign Trade Secretariat (SECEX) of the Ministry of Economy indicate that the year-to-date trade balance registered a surplus of US$ 1.43 billion up to the third week of March, with a current trade volume of US$ 92.44 billion. Exports totaled US$ 46.94 billion, with an increase of 13.4%, by the daily average, and imports rose 21.1% to US$ 45.50 billion.

In the month-to-date result, exports grew 26.4% to US$ 15.81 billion, while imports rose 46.9%, totaling US$ 14.54 billion. Thus, the trade balance registered a surplus of US$ 1.27 billion and the trade volume reached US$ 30.35 billion, increasing 35.4%.

If only the third week of March is considered, the trade volume reached US$ 8.818 billion, with US$ 5.004 billion in exports and US$ 3.815 billion in imports, generating a surplus of US$ 1.189 billion.

March exports

Comparing the daily average of exports up until the third week of this month (US$ 1.053 billion) with the daily average of March 2020 (US$ 833.98 million), there was an increase of 26.4% due to the increase in extractive industry sales (76.2%), agriculture and livestock (20.8%) and manufacturing products (11%).

The increase in exports was driven mainly by the growth in sales of the following products from the extractive industry: iron ore and concentrates (129.4%); crude petroleum or bituminous mineral oils, raw (43.1%); copper ores and concentrates (148.1%); nickel ores and concentrates (95.0%), and stone, sand and gravel (38.2%).

In relation to the manufacturing industry, the highlight was the growth in sales of semi-finished products, ingots, and other primary forms of iron or steel (65.8%); aircraft and other equipment, including parts (112.1%); sugars and molasses (33.8%); articles of iron or steel and other articles of common metals (213.1%), and alumina (aluminum oxide), except artificial corundum (48.8%).

Finally, the increase in exports also included growth in sales of the following agricultural products: soybeans (18.5%); raw cotton (68.2%); unroasted coffee (25.2%); unground corn, except sweet corn (17.1%), and raw wood (109.5%).

March imports

Comparing the daily average of imports up until the third week of this month (US$ 969.33 million), there was a 46.9% increase above the March average of last year (US$ 659.81 million). In this comparison, spending increased, mainly on agriculture (19.9%) and with products from the manufacturing industry (49%). On the other hand, purchases of products from the extractive industry decreased (-15.3%).

The increase in imports was driven by the growth in purchases of unground wheat and rye (30.5%); soybeans (183.2%); latex, natural rubber, balata, gutta-percha, guaiúle, chicle, and natural gums (36.8%); unground corn, except sweet corn (69.8%) and unground barley (49.1%), among agricultural products.

In the manufacturing industry, the highlights of the increase in imports were, once again, the inflows of platforms, vessels, and other floating structures (1,559.5%). Increases were also seen in imports of fertilizers or chemical fertilizers, except for raw fertilizers (24.7%); telecommunications equipment, including parts and accessories (26.5%); valves and thermionic tubes, cold cathode or photo-cathode, diodes, transistors (25.9%), and medicines and pharmaceutical products, except veterinary (27.9%).

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