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Oil Gives Rio a Boost Taking Brazil’s State Out of the Red

The good result in the trade balance of southeastern Brazilian state of Rio de Janeiro in November confirms a positive year for the state’s exports after two years in deficit.

Exports yielded US$ 962.8 million, an increase in 59.7% over the same month in 2004. Imports, in turn, added up to US$ 601.5 million, an increase in 1.8% against November last year.

With this, the trade surplus was the second greatest in the whole of the year, in the value of US$ 361.3 million, against only US$ 12 million in November 2004. The numbers are in the report Rio Exporta, of the Federation of Industries of the State of Rio de Janeiro (Firjan), released Wednesday, December 21.

From January to November, the companies from Rio exported US$ 7.38 billion, with a 23.1% increase in relation to the same period in 2004. In the year’s accumulated value, products valued at US$ 6.186 billion were imported, 7.7% more in comparison to the same period last year.

The trade surplus for the year is positive for Rio in US$ 1.19 billion, against US$ 369 million in the period from January to November 2004. Last year’s value already included the export of a Petrobras platform ship, valued at US$ 655 million.

During the last three months, the state’s trade balance shows a very distinct behavior between imports and exports. While exports as of September increased their growth rate, imports, on the contrary, reduced their rhythm of growth.

The good performance in Rio’s exports was boosted by oil, responsible for almost 80% of all increase seen between last November and the same month in 2004. The exchange income generated by the commodity was of US$ 477 million in the month, with an increase in 147.8% in relation to November 2004.

In the period from January to November, the evolution was of 56.4% over the first eleven months last year, totaling US$ 3.2 billion, corresponding to the monthly average in the last 12 months of almost US$ 300 million. Throughout the year of 2004, the monthly average was of US$ 187 million.

Agência CNI, Anba

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