The Trade Balance in 2013

BRAZIL ECONOMICS - Report 06 Jan 2014 by Affonso Pastore, Cristina Pinotti and Marcelo Gazzano

Brazil’s trade balance fell from US$ 19.4 billion in 2012 to only US$ 2.5 billion in 2013, with imports growing 7.4% and exports shrinking by 0.2%, influenced by the end of the cycle of rising commodity prices (Graph 1). This is the lowest trade balance since 2001. The decline in the trade balance is only one facet of the strong expansion of the current account deficit, which in the final analysis was the consequence of growth of total domestic absorption at a pace well above GDP growth. But the result was also influenced by various specific factors, as will be seen next.

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