The trade surplus, also known as the trade surplus, is the phenomenon in which the volume of exports is greater than the volume of imports of each country or region during a certain period of time. Generally, this indicates that a country's foreign trade is in a favorable position. The trade surplus is not only the status of merchandise trade between countries, but also an indicator for judging macroeconomic performance.
Brazil's foreign trade surplus will reach $50.995 billion in 2020, an increase of 6.2 percent over 2019, according to data released by the Brazilian Ministry of Economy on April 4 local time. In 2020, Brazil's foreign trade will total $368.847 billion, down 7.7 percent from 2019, the data showed. Of this, exports will be $209.921 billion, down 6.1 percent from 2019, and imports will be $158.926 billion, down 9.7 percent from 2019.In December 2020, Brazil exported $18.365 billion and imported $18.407 billion. During the month, Brazil had a foreign trade deficit of $42 million, negatively affecting the performance of the foreign trade surplus for the year.
For the full year 2020, Brazil's agricultural exports grew by 6%, while exports of minerals and manufactured goods declined by 11.3% and 2.7%, respectively. On the import side, the country's imports of all products declined throughout the year, with imports of mineral products down 41.2%, manufactured goods down 7.7% and agricultural products down 3.9%. The data also showed that Brazil's exports to China will grow by 7.3 percent in 2020, accounting for 33.4 percent of Brazil's total exports, up from 29.2 percent in 2019. in 2020, Brazil's exports to the United States declined by 27.2 percent, as well as exports to the European Union and South America, which declined by 13.5 percent and 18.3 percent, respectively.
Brazil's Ministry of Economy said the global spread of the new coronavirus pneumonia epidemic and its impact on the economies of various countries is the main reason for the decrease in Brazil's foreign trade in 2020. The Brazilian economy is expected to return to growth in 2021 as the epidemic slows and the global economy recovers. Brazil's economy is expected to grow by 3.4% in 2021, with a foreign trade surplus of $55.1 billion, according to the latest forecasts from Brazil's financial markets.