SAO PAULO (Dow Jones)–Brazil posted a foreign trade surplus of $619 million in the March 16-22 period, the Trade and Development Ministry said Monday.
For the period, exports totaled $2.793 billion while imports were $2.174 billion. Year-ago figures weren’t provided.
With the new March figures, Brazil’s year-to-date trade surplus fell to $2.28 billion from $2.33 billion seen in the same period of 2008.
Analysts are expecting comparatively weak trade performance for this year.
Even in 2008, Brazil was already experiencing a reduction in its trade surplus, mainly because of rising imports on strong domestic economic growth. Brazil’s economy expanded 5.1% in 2008, but growth this year is expected to reach only about 0.01%.
Brazil’s foreign trade surplus narrowed significantly last year to $24.74 billion. The surplus in 2007 was $40.03 billion.
In the fourth quarter of 2008, Brazil’s economy began to slow, with demand for imports diminishing and the Brazilian real depreciating against the U.S. dollar.
According to the central bank’s weekly survey of expert opinion released earlier Monday, the 2009 foreign trade surplus will reach just $13.02 billion. The weekly survey tracks the opinions of 100 analysts and economists from banks and brokerages, reporting the average of their expectations.
-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-2847-4521; rogerio.jelmayer@dowjones.com
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(END) Dow Jones Newswires
March 23, 2009 10:15 ET (14:15 GMT)
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