UPDATE 1-Brazil trade surplus narrows in Oct to $1.66 bln
* Oct trade surplus below median expectation of $2 bln
* Currency intervention not boosting exports so far
BRASILIA Nov 1 (Reuters) - Brazil's trade surplus narrowed more than expected to $1.662 billion in October, with a drop in the daily average of both imports and exports, the Trade Ministry said on Thursday.
The result came in below expectations for a $2 billion surplus, according to the median forecast of 17 analysts surveyed by Reuters. It also fell below a trade surplus of $2.359 billion in the same month last year.
Weak global demand has dragged on the world's sixth-largest economy over the past year. The government has intervened in currency markets to prevent Brazil's currency, the real, from strengthening, but that has not boosted exports so far.
The daily average of exports fell 10.6 percent in October over the same period a year before, far outpacing the slowdown in imports, which dipped 7.6 percent in the same period.
Exports of oil, coffee and soybeans fell from the same period a year ago, while sales of corn, ethanol and sugar were up as weather at the main ports remained clear.
Trade minister Fernando Pimentel said on Wednesday that Brazil's government is focused on keeping the country's foreign exchange rate at the current level of 2 reais per U.S. dollar. Finance Minister Guido Mantega also said last month that the government would take all necessary steps to protect local exporters from a stronger currency.
Brazil's trade surplus between January and October fell 31.6 percent from the same period a year ago to $17.386 billion.
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