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UPDATE 1-Brazil posts November trade deficit of $186 mln
December 3, 2012 / 5:36 PM / 5 years ago

UPDATE 1-Brazil posts November trade deficit of $186 mln

* Market expected a surplus of $600 mln-poll

* Jan-Nov trade surplus down sharply from last year

BRASILIA, Dec 3 (Reuters) - Brazil posted an unexpected trade deficit of $186 million in November, the Trade Ministry said on Monday.

The result came way below expectations of a $600 million surplus, according to the median forecast of 11 analysts surveyed by Reuters.

The daily average of exports fell 6.0 percent in November over the same period a year before, far outpacing the slowdown in imports, which dipped 2.6 percent in the same period.

Exports of Brazilian ethanol, sugar and iron ore slumped in November compared with October, although corn exports rose to 3.91 million tonnes from 3.66 million tonnes in October on strong demand.

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.

Brazil’s trade surplus from January through November fell 33.9 percent from the same period a year ago to $17.185 billion.

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