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BRASILIA, April 1 (Reuters) – Brazil posted a trade surplus of $1.5 billion in March, figures showed on Thursday, less than half the consensus forecast in a Reuters poll for a $3.1 bln surplus and also sharply down from the $3.6 bln surplus registered in the same month last year.
Exports in March totaled $24.5 bln and imports were $23.0 bln, the ministry said, adding that total trade flows of $47.5 bln in the month were up almost 40% from a year earlier.
These figures mean Brazil’s trade surplus in the first quarter of the year totaled $1.6 bln, sharply down from the $4.5 bln surplus a year ago as import growth outpaced export growth.
Exports in the January-March period totaled $55.6 bln, up 17% on the year, while total imports of $54 bln were 25% higher than a year ago, Economy Ministry figures showed.
With the exchange rate having slumped 30% last year and already down 8% in the first three months of this year, net trade is expected to make a positive contribution to economic growth this year.
The central bank last week revised up its 2021 trade surplus forecast to $70 bln from $53 bln, which would be an annual record. (Reporting by Jamie McGeever)
