Brazil's 2015 balance of trade reports $2.33 billion deficit

Brazil's balance of trade—the difference between exports and imports—reported a deficit of $868 million in the fourth week of January, according to the Ministry of Development, Industry and Foreign Trade. The figure raises 2015's year-to-date deficit to $2.33 billion.

Despite the negative performance, the shortfall is lower than its last year's year-to-date equivalent—$3.65 billion. The indicator traditionally reports negative figures in January.

The reduction in the difference comes as a result of imports waning at a quicker pace than exports. In the year to date, the country exported $10.5 billion—9.4% down from January 2014 by the daily average.

The drop in exports in 2015's first four weeks was driven by manufactured goods, whose sales plunged 18%, especially for cars, fuel oil, engines and electric generators.

The sales of semi-manufactured products surged 3%—an increase brought about by raw palm oil and semi-manufactured goods made of iron, or steel and cast iron. The export of basic products fell 6%, especially iron ore, beef, pork, and rice.

According to the ministry, the largest contractions in imports were observed in the sales of cereals (-40.7%), fuels and lubricants (-33.3%), cars and autoparts (-24.4), and dairy (-20.7%).

Translated by Fabrício Ferreira