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Brazil's foreign trade deficit shrinks 60 pct in 2016

Xinhua, January 25, 2017 Adjust font size:

Brazil registered a foreign trade deficit of 23.5 billion U.S. dollars in 2016, a 60-percent drop compared to 2015, the central bank announced on Tuesday.

Trade deficit accounted for just 1.3 percent of the gross domestic product (GDP) of last year, the smallest percentage since 2007, the bank said in a statement.

The bank credited the decrease in the deficit to a drop in imports in 2016, as a result of the economic slowdown.

Imports last year amounted to 139.4 billion U.S. dollars, 19 percent less than in 2015.

Total exports rang in at 184.4 billion U.S. dollars, marking a surplus of 45 billion U.S. dollars in the trade balance, or a 154.8-percent increase compared to 2015.

Brazil's economic woes also affected foreign investment by Brazilian firms, which fell 42.5 percent, going from 13.4 billion U.S. dollars in 2015 to 7.7 billion U.S. dollars in 2016.

Direct investment in Brazil reached 78.9 billion U.S. dollars, a 6 percent increase over 2015. Endit