Brazil Makes US$ 10 Bi Exporting Oil and Spends US$ 11 Bi Importing It

Brazilian exports of oil and derivatives yielded US$ 10.136 billion between January and September this year, a 56.4% increase in comparison with the same period in 2005, according to just released  data by the Ministry for Development, Industry, and Foreign Trade.

Oil industry imports, on the other hand, reached US$ 11.369 billion, a 32% increase in comparison with the first nine months of last year. Since foreign sales increased more than imports, the deficit in the oil trade balance saw a reduction, decreasing from US$ 2.12 billion between January and September 2005 to US$ 1.233 billion this year.

The executive secretary at the Ministry, Armando Meziat, stated that oil exports should remain high, further reducing the deficit. This year, Brazilian oil company Petrobras announced that the country has attained self-sufficiency in oil, i.e., it currently produces as much or more than it consumes. That doesn’t mean, though, that the country has quit selling and buying the commodity on the foreign market.

According to the Ministry, oil industry exports from January to September were as follows: US$ 5.1 billion in oil exports, US$ 3.1 billion in oil derivative exports, and US$ 1.897 billion in on-board consumption fuels, i.e., fuel and lubricants provided within the country for ships and aircraft operating on international routes.

Between January and September, oil and derivatives exports accounted for a little over 10% of Brazil’s total exports, which amounted to US$ 100.7 billion in that period. Imports of these products accounted for 17% of the country’s total imports, which totaled US$ 66.7 million in the first nine months of the year.

Anba

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