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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Brazil's 2010 trade surplus lowest in 8 years: official AFP - Tuesday, January 4 Send IM Story Print BRASILIA (AFP) - – Brazil's 2010 trade surplus slipped nearly 20 percent to its lowest level in eight years as surging imports caught up with record exports, trade ministry figures released Monday showed. The data confirmed Brazil's troubles with its strengthening currency, the real, which was making foreign goods and machinery cheaper to buy while undermining the competitiveness of its exported products such as soya and iron ore. The real rose 4.6 percent against the dollar last year, and 32 percent in 2009. Over the past eight years, it has more than doubled in value against the greenback in tandem with Brazil's soaring economic prospects. The trade surplus -- the difference between exports and imports -- was 20.3 billion dollars, a figure 19.8 percent lower than for 2009, the ministry said. Brazil exported a record 201.9 billion dollars' worth of goods in 2010, higher by 32 percent compared to 2009 -- but imports jumped 42 percent to 181.6 billion dollars. "All that is supporting Brazilian trade is commodity exports," Jose Augusto de Castro, head of the Trade Agency of Brazil, told AFP. The proportion of exports of manufactured goods, in contrast, declined. Although definitive yearly numbers determining the main importers of Brazilian products were not yet available, figures from November suggested that China remained the top customer, followed by the United States and then Argentina. That made Brazil largely dependent on China's boom, which was showing worrying signs of instability of late, notably in terms of inflation, possible speculative bubbles, and declining manufacturing activity. In 2009, as Brazil was feeling the worst of the global financial crisis, exports fell 23 percent and imports 26 percent compared to the previous year. The ministry's new data showed exports had rebounded to pre-crisis levels, but that imports were growing even faster, narrowing the trade balance. New President Dilma Rousseff, who was sworn in on the weekend, has vowed to take measures to maintain Brazil's economic ascension built over the eight-year mandate of her predecessor, Luiz Inacio Lula da Silva. But her goal of lowering the country's key interest rate from 10.75 percent was made difficult by inflation rising towards six percent, much higher than the government's target of 4.5 percent, which argued for a rate hike. Another increase in the interest rate would push the real up further, making imports even cheaper for Brazilians, exports more expensive for foreign buyers, and eroding the trade surplus. Brazil's government calculates exports should grow another 10 percent this year to 220 billion dollars. If the real keeps its current value and commodity prices do not change, Brazil could finish 2011 with a trade surplus of 16 billion dollars. However, as one export sector representative pointed out, if commodity prices change significantly, "the trade balance could tip into the negative." Recommend Send IM Story Print News Search Top Stories Blood test for cancer gets US boost Did Jackson kill himself? Pre-trial hearing due in LA US lets some companies resume Gulf drilling US sees massive drop in bumble bees: study Brazil's 2010 trade surplus lowest in 8 years: official More Top Stories » ADVERTISEMENT Most Popular Most Viewed Falling blackbirds baffle Arkansas officials Hasta la Vista: Arnie quits as California governor Spain lotto winner nearly loses millions by tossing tickets Goldman deal 'values Facebook at $50 billion' Viking wolves return for first solar eclipse of 2011 More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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