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Brazil Property News: Brazil's imports and exports soared in October
2nd November 2007 03:27
Brazil’s economy continued to thrive in October, although its trade surplus narrowing according to new government figures.
The Latin American giant’s surplus narrowed from $3.474 billion in September to $3.44 billion.
The shift was interpreted as seasonal by Maristella Ansanelli, chief economist for Banco Fibra SA.
She told Bloomberg: "Higher imports reflect the optimism of Brazilian companies over the country's economic growth.
"Companies are preparing for Christmas sales, so imports were expected to increase."
Indeed, while imports rose, exports also increased in October, to a record level. Total monthly exports reached $15.8 billion in October, according to the finance ministry.
Earlier in October a central bank survey of economists predicted growth of 4.7 per cent for 2007 and 4.4 per cent for 2008.
The strength of the Brazilian economy is making it an ever-more attractive destination for investment. The first eight months of 2007 saw $26.5 billion in investment flow into the country, compared to $18.8 billion for the whole of 2006.
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