Brazilian manufacturing industry records $31bn trade deficit in September
Brazil’s manufacturing industry recorded a trade deficit of USD 31.5bn in the 12 months through September, Valor Economico reported referring to figures released by the Industrial Development Studies Institute (IEDI). According to the institute, in the end of 2019 the shortfall will be nine times greater than the deficit of USD 3.2bn registered in 2017.
IEDI economist Rafael Cagnin said that the negative balance was caused by a sharp drop in exports. Country’s manufacturing shipments fell 5.3% y/y during the period of reference, while imports declined only 0.6% y/y.
Argentina’s economic crisis and the low expansion of global trade are the main reasons for worsening manufacturing exports, Cagning explained.Original source: Valor Economico