Brazil Sees Trade Surplus Swell as Oil Prices Fuel Export Gains

Brazil's exports rose 6.2% in value despite a 4.3% drop in volume, while imports increased 7.6% as average prices climbed.

The country posted a $7.1 billion trade surplus for the month, bringing the year-to-date total to $49 billion, according to data released by the Ministry of Development, Industry, Trade and Services.

Export volumes fell in July from a year earlier, but a 10.8% increase in average prices pushed export revenue up 6.2%, while imports followed a similar pattern with volumes declining 3.2%, resulting in a 7.6% increase in spending on foreign goods.

Prices have also played an important role in trade performance so far this year, with export volumes increasing 3.3% from January through July, and average prices rising at a faster 6.6% pace, lifting export revenue by 10.5%.