Brazil posted a record foreign trade surplus in 2016 of $47.7 billion, the Trade and Development Ministry said Monday. The surplus far surpassed that of 2015, when exports exceeded imports by $19.7 billion. The surplus was also higher than the previous record, set in 2006, of $46.5 billion. However, the 2016 record performance came largely at the expense of a sharp decline in imports. Hurt by the second year of recession, imports plunged 20.1% in 2016 against the previous year. Exports were also down, but only by 3.5%. For 2017, economists are looking for a solid rise in imports as Brazil begins a long-awaited recovery. Exports are likely to rise marginally on higher commodities prices. The net should be another trade surplus but not as high as the 2016 record.
Link to government news agency release
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