BRASILIA (Reuters) - Brazil posted a trade surplus of $1.996 billion in October, trade ministry data showed on Tuesday, its eighth straight positive monthly result as imports plunge due to a deepening recession in Latin America’s top economy.
The latest surplus was above market estimates for a surplus of $1.16 billion.
A crippling recession and a weaker local currency have dragged down demand for imports in Brazil while improving conditions for local exporters.
So far this year Brazil has an accumulated trade surplus of $12.244 billion, on track to revert the deficit it recorded last year.
Reporting by Cezar Raizer; Writing by Silvio Cascione; Editing by Chizu Nomiyama