• The Brazil trade ministry reported a trade surplus of $4.8 billion in December.
• This exceeded the $3 billion surplus predicted by economists.
• Total exports for the year hit a record $335 billion.

Brazil achieved a record-breaking $62.3 billion trade surplus in 2022, according to data released by the government on Monday.

The Development, Industry, Trade, and Services ministry reported a trade surplus of $4.8 billion in December. This exceeded the $3 billion surplus predicted by economists.

The 2022 results exceeded the most recent projections of the government of Jair Bolsonaro, which in October forecasted a $55.4 billion trade surplus.

In addition, total exports for the year hit a record $335 billion, a 19.3% increase, aided by a price increase in the agriculture and livestock industry.

Imports, meanwhile, increased by 24.3% and reached a record $272.7 billion.

Both ends of the trade flow were impacted by a substantial increase in prices, which climbed far more than the number of commercial transactions: an average of 13.6% for exports and 23.6% for imports.

In 2022, the value of the nation’s exports of soybeans increased by 20.8%, to $46.7 billion, as a result of the higher prices of various commodities, such as the case of soybeans.

The value of shipments of crude oil increased by 39.5% to $42.7 billion.

Exports of iron ore and concentrates decreased by 35.3% in value to $28.9 billion because of a decrease in demand from China, whose economy slowed in 2022 due to strong Covid-19 control measures.

In December alone, exports increased 14% year-over-year, reaching $26.6 billion. Imports hit $21.9 billion, which is 12% higher than the previous month of 2021.

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