Brazil's June trade surplus beats estimates
Updates with details, context
SAO PAULO, July 4 (Reuters) -Brazil posted a trade balance surplus of BRTBAL=ECI of $6.711 billion in June, government data showed on Thursday, beating marketestimates but nevertheless landing some 33% below the figure recorded in same month last year.
Analysts polled by Reuters had forecast a surplus of $5.800 billion.
According to the Ministry of Development, Industry, Trade, and Services, exports fell 1.9% from a year earlier to about $29 billion, mainly due to a drop in soybean shipments.
Meanwhile, imports rose 14.4% from a year ago to $22.3 billion, boosted by a 432% jump in passenger vehicle imports.
Earlier on Thursday, Brazilian automakers' association Anfavea lowered its forecasts for 2024 vehicle production and exports, partly due to worries about growing imports of foreign vehicles, notably from China.
Latin America's largest economy hit a trade surplus of $42.3 billion in the first half of the year, down 5.2% from the first six months of 2023.
The ministry also raised its forecast for this year's trade surplus, now expecting $79.2 billion compared to a prior forecast of $73.5 billion. They raised forecasts for both exports and imports, though imports by a lower amount.
Reporting by Andre Romani; Editing by Sarah Morland
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