The trade surplus came in lower than expected at US$1.2 billion in February (consensus, US$1.9 billion; RGE, US$2 billion), however, it showed a marked improvement from January 2011 and February 2010. On a 12-month rolling basis, the trade surplus increased to US$21.7 billion in February from US$20.9 billion in January.
Figure 1: Brazil’s Export Dynamics (y/y %)
Source: MDIC and RGE
Export growth remained strong at 37% y/y (35% y/y 3MMA), benefiting from basic exports, which increased 55% y/y, mostly as a result of high iron ore exports (111% y/y), wheat (320%[...]