Brazil’s trade surplus soared to a record U.S. 47.69 billion, the country’s trade ministry’s statistics revealed on Monday.
Amid political turmoil, a recession and a weaker real, exports boomed as imports were slashed in 2016. The previous record of $46.45 billion was in 2006, Reuters reported.
Brazil’s new record was more than double 2015’s trade surplus of $19.68 billion. Brazil’s 2016 exports totaled $185.24 billion, compared with imports worth $137.55 billion, according to the trade ministry.
The trade surplus occurred even though exports of many agricultural commodities fell, with the exceptions of pork and sugar, after a crippling drought devastated crops last year.
Corn grain exports fell the most, down 26 percent. Exports of soybeans dropped 8.2 percent, along with corn on the cob, which fell 13.2 percent compared to the previous year, the trade ministry said.
Soybean bran exports fell 11 percent, along with beef, down 7 percent and…
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