BRASILIA: Brazil’s trade surplus widened in July to $4.58 billion as imports fell more than exports, the country’s trade ministry said Monday. July’s result was stronger than the $3.97 billion surplus recorded in June, moving the year-to-date surplus to $28.23 billion. In July, Brazil exported $16.3 billion, slightly less than $16.74 billion the month before. Imports fell to $11.75 billion from $12.77 billion in June, the Trade Ministry said.
Brazil is going through a sharp economic contraction which is curbing imports. Gross domestic product shrank 3.8% last year and is forecast to contract 3.2% this year, according to the central bank survey. The currency weakened nearly 30% last year, in a boost to exports, but has recovered some ground this year.