Macroeconomic Forecast Brazil

November 2006 | Macroeconomic Forecasts

In line with our projections, figures released by the Brazilian Trade Ministry revealed a deterioration in October's trade balance. The trade surplus, which stood at a record high US$5.63bn in July, fell to US$4.43bn in September and continued its downward path reaching US$3.91bn in October, an 11.56% m-o-m decline. Whilst October saw both exports and imports increase on a month-on-month basis, the increase in imports was substantially larger than the increase in exports, registering rises of 7.68% and 0.89%, respectively. In absolute terms, this amounted to an increase of US$624mn in imports and US$112mn in exports. The deterioration of the

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