According to Itau’s recent note, with December’s US$3.8 billion surplus, Brazil’s trade balance closed the year with a US$29.8 billion surplus. December’s number was above expectations, but, taking a longer view, the trade surplus was below the market forecast. A few months ago,the year’s surplus was expected to be around US$32 billion. 


Falling commodity prices are likely to reduce the surplus in 2012: we expect the surplus to halve, and our bias is for a smaller outcome than that. At the same time, the government plans to advance on its trade strategy, by conditioning some of the export financing from government agencies to greater use of local content and investment in R&D.;”


Where did Brazilians exports go to in 2011?

1. China (US$ 44.3 billion
2. United States (US$ 25.9 billion) 
3. Argentina (US$ 22.7 billion) 
4. Netherlands (US$ 13.6 billion)  
5. Japan (US$ 9.5 billion) 

Where did Brazilian imports come from in 2011?

1. United States (US$ 34.2 billion) 
2. China (US$ 32.8 billion
3. Argentina (US$ 16.9 billion) 
4. Germany (US$ 15.2 billion)  

5. South Korea (US$ 10.1 billion)

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