Brazil wrapped up 2003 with all-time high in trade surplus

Brazil kissed the year 2003 good-bye with a favorable trade balance tipping to $24.8 billion, the largest black numbers in the history of the country, governmental sources indicated.

The 2003 trade surplus was 89 percent higher than the year before when the country’s exports did imports one better by a $13.1 billion margin.

Last year’s upshots were also up $19.2 billion compared to the 1988 spreadsheets, up to now the nation’s all-time high.

According to the Ministry of Development, Industry and Trade, the good numbers of 2003 stem from $73.1 billion worth of exports and import volumes that hovered around $48.2 billion. Both figures account for all-time highs, too.

Sales overseas for the last twelve months were up 21.1 percent compared to 2002. For their part, imports barely grew 2.2 percent compared to the previous year.

A press release issued by the Brazilian Ministry of Trade and Industry praises last year’s exports as “highly positive,” taking into account that the world trade sported a meager 3 percent increase during that span of time.

A larger amount of shipments to China (one of the world’s fastest-growing economies) played a key role in this hike, coupled with the comeback staged by Argentina, Brazil’s top trade partner in MERCOSUR, whose economy started picking up steam again after a two-year-long crisis.

The Brazilian government’s projection to reap $80 billion worth of exports in 2004 and slash the surplus by $20 billion in the face of a rolling economic recovery have good chances of coming through. Nevertheless, experts believe imports will also be on the rise as long as the nation’s economy keeps bouncing back.