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In 2020, Brazil's foreign trade surplus will reach US $50.995 billion, an increase of 6.2% over 2019.
Data show that in 2020, Brazil's total foreign trade will be 368.847 billion US dollars, down 7.7% from 2019. Among them, the export volume was US $209.921 billion, down 6.1% compared with that in 2019; the import volume was US $158.926 billion, down 9.7% compared with that in 2019.
In December 2020, Brazil's export volume was 18.365 billion US dollars, and its import volume was 18.407 billion US dollars. In that month, Brazil's foreign trade deficit was 42 million US dollars, which had a negative impact on the annual foreign trade surplus performance.
For the whole year of 2020, Brazil's agricultural exports increased by 6%, while the exports of mineral products and manufactured products decreased by 11.3% and 2.7% respectively. In terms of imports, the country's imports of all products decreased throughout the year, including imports of mineral products decreased by 41.2%, imports of manufactured goods by 7.7% and imports of agricultural products by 3.9%.
The data also show that Brazil's exports to China will grow by 7.3% in 2020, accounting for 33.4% of the country's total exports, higher than 29.2% in 2019. In 2020, Brazil's exports to the United States decreased by 27.2%, and its exports to the European Union and South America also decreased by 13.5% and 18.3% respectively.
The novel coronavirus pneumonia epidemic spread worldwide and its impact on the economies of various countries is the main reason for the reduction of Brazil's foreign trade volume in 2020, the Ministry of economic affairs of Brazil said. As the epidemic slows down and the global economy recovers, Brazil's economy is expected to resume growth in 2021.
According to the latest forecast of Brazil's financial market, the country's economy is expected to grow by 3.4% in 2021, and its foreign trade surplus will be US $55.1 billion.
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