The Weak Performance Of The Trade Balance

BRAZIL ECONOMICS - Report 07 Apr 2014 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
There are still no signs of recovery of the trade balance, even though the real exchange rate is currently 14% weaker than it was a year ago. The first quarter closed with a deficit of US$ 6 billion, which is the biggest quarterly deficit in the history of the series, dating to 1959. In the 12 months through March, there was a tiny trade surplus of US$ 1.6 billion, with annual exports holding at approximately the same level since the start of 2013 (Graph 1). Graph 1 Trade Balance – accrued in 12 months In the first quarter this year, Brazil’s trade deficit grew by around US$ 1 billion in re...

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