Brazil’s oil ambiguity: exports price up 54%, imports up 74%

The price of the oil exported by Brazil to the rest of the world saw a 5.1% rise from January to September this year compared to the same period last year. Not without ambiguity, though, it also paid 71.6% more for oil imports, according to Icomex data released on Tuesday, Oct 18, by the Getulio Vargas Foundation (FGV).

In addition to paying more for imports, the volume of purchases abroad increased while foreign sales decreased. The exported volume of Brazilian oil and derivatives fell 5.4% from January to September 2022 compared to January to September 2021. The imported volume grew 9.6% in the period.

“The scenario described above confirms that, despite an increase in the prices of the commodities exported by Brazil, the even greater growth in imported prices led to the worse terms of trade,” reported FGV in the Icomex press release.

Source: Infomoney

To read the full original article, please go to: https://www.infomoney.com.br/economia/fgv-icomex-pais-exporta-oleo-54-mais-caro-mas-paga-71-a-mais-por-importacoes/

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