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Significance
The trade surplus surpassed USD61bn, and another new record high is expected this year. However, results have been mainly boosted by sharp increases in commodity prices, the devaluation of the real and a partial recovery in both the global and Brazilian economy, rather than improved competitiveness.
Impacts
High commodity prices will continue to bolster Brazilian foreign trade in the near term at least.
Dependence on exports of a few commodities to China will pose economic and trade constraints in the longer term.
Exports will be driven mainly by the international context, rather than domestic initiatives to reduce bottlenecks.
Keywords:
Brazil,
LA/C,
China,
EU,
OECD,
economy,
industry,
international relations,
agriculture,
food,
foreign policy,
foreign trade,
infrastructure,
metals,
mining,
policy,
soft commodities,
transport,
Food & Tobacco
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2022
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