Brazil’s cumulative trade surplus for the year to the first week in November is US$ 28.804 billion. Market estimates for the final year end surplus have now risen to US$ 33 billion.
So far this year total exports have reached US$ 80.708 billion, up 32.2% in terms of average working day value, compared to the same period in 2003.
Meanwhile, imports reached US$ 51.904 billion, up 27.9% in average working day value.
In the first week of November the trade surplus was US$ 683 million, with exports at US$ 1.587 billion and imports at US$ 904 million.
Brazilian government fiscal policy and priority reforms were on the top of the agenda during conversations yesterday between Brazil’s Minister of Finance, Antônio Palocci, and members of the International Monetary Fund mission which is visiting Brazil.
The mission is in the country reviewing the status of the US$ 14 billion emergency standby loan agreement of December 2003.
IMF revision missions occur every three months during the lifetime of loan agreements. The last one on the December 2003 loan was in August.
Following each mission visit. a report is submitted to the IMF board. If approved the borrowing nation can make withdrawals on the loan.
So far, Brazil has not withdrawn any of the US$ 14 billion, considering the availibility of the funds a strictly preventive measure.
According to the head of the IMF mission, Charles Collyns, “Brazil’s plans for next year are very ambitious.”
The secretary of the National Treasury, Joaquim Levy, explained that Collyns was referring to the 21 measures announced by the government to boost economic growth.
The measures vary from tax reductions to job creation to export and credit incentives.
Levy pointed out that as a result of the credit measures the building sector was growing this year.