UPDATE 3-Brazil posts record trade surplus in 2006 http://today.reuters.com/news/articleinvesting.aspx?type=economicNews&storyID=2007-01-02T183205Z_01_N02322560_RTRIDST_0_BRAZIL-ECONOMY-TRADE-UPDATE-3.XML
Tue Jan 2, 2007
(Adds forecast)
SAO PAULO, Jan 2 (Reuters) - Brazil posted a record $46.08 billion trade surplus for 2006 due to growing demand for the products it sells abroad, the trade ministry said on Tuesday.
Exports grew 16 percent in 2006 to $137 billion and imports rose 24 percent to $91 billion.
The government sees exports of $152 billion in 2007, a rise of 10.5 percent from 2006, the trade ministry said.
The surplus for December <BRTBAL=ECI> was $5.01 billion, larger than $4.33 billion in December of 2005.
In 2005, the surplus was $44.71 billion. Brazil is an agricultural and mining giant that also exports manufactured goods such as airplanes and cars.
Even though the local currency is near its strongest point in years, Brazil's trade surplus has widened in recent years because of a bigger pool of countries that buy its exports, especially in Asia.
Brazil's trade performance has improved since 1999, when a gaping current account deficit triggered the devaluation of the local currency, the real <BRBY>.
The wider trade surpluses have closed the current account gap and for 2006 Brazil is widely expected to post a current account surplus for the fourth straight year.
($1 = 2.15 reais)
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