Brazil posts first trade surplus in three months

BRASILIA, April 1 Tue Apr 1, 2014 2:07pm EDT

BRASILIA, April 1 (Reuters) - Brazil posted a trade surplus of $112 million in March, recovering after two straight monthly deficits but still well below historical levels.

Brazil's trade balance has been hit hard by rising fuel imports and a drop in the price of some key exports like iron ore. A sharp depreciation of the Argentinian peso has also curbed manufacturing exports to the neighboring country.

The surplus was in line with market expectations of $100 million, according to the median forecast of 19 analysts surveyed by Reuters. The country posted a deficit of $2.13 billion in February.

The commodities exporter posted a surplus of only $162.6 million in March of 2013, but from 2002 till 2012 its trade surplus averaged $2 billion for that month. (Reporting by Alonso Soto; Editing by Meredith Mazzilli)

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