Brazilian exports grew 10% in May this year, compared to May last year. According to Fundação Getulio Vargas (FGV), the highlight was sales to the United States, which grew by 72% in the month, compared to the same period in 2018.
At the same time, exports to Argentina and China fell. Trade with our South American neighbor has been falling since the beginning of the year due to the Argentine economic crisis. Sales to China have been slowing down since March.
The increase in exports to the United States can be explained by the increase in sales of crude petroleum oil (492%) and semi-manufactured iron and steel (322%) to that country. The two products accounted for 24% of the total exported by Brazil to the North American market.
Brazilian imports (from all countries) grew by 12.9% in May. The country's trade balance balance was 6.3 billion dollars in the month. Year-to-date, exports fell by 0.9%, while imports grew by 1.8%. The accumulated balance is 22.1 billion dollars.
Post: Marina Carvejani
Author: Vitor Abdala
Source: Agricultural News
