Brazil oil trade shows surplus for first time in historyStaff Writer | January 5, 2017
Oil exports have exceeded imports in Brazil for the first time in history: the trade balance for the commodity showed an unprecedented $410 million surplus in 2016.
Oil exploration in LatAm $410 million surplus in 2016
In 2015, the scenario was quite different. The so called conta-óleo ("oil account"), i.e. the difference between oil imports and exports, had closed the year with a $5.7 billion deficit after $16.5 billion in exports and $22.2 billion in exports.
The year ended’s surplus contributed positively to the country's overall trade balance, which closed 2016 in the black at $47.7 billion. The trade balance performance is the best since the historical series in 1989, and represents a 142.3% increase compared to 2015.
Per the same data, the surplus was a result of $185.2 billion in exports surpassing $137.5 billion in imports. ■