Brazil's November trade surplus $1.197bn, below estimates

BRASILIA: Brazil posted a trade surplus of $1.197 billion in November, trade ministry data showed on Tuesday, in another positive result that assures the commodities' powerhouse will record a surplus this year after a hefty deficit in 2014.

The latest surplus was below market estimates for a surplus of $1.3 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 $13.442 billion. Last year, Brazil had a deficit of $3.9 billion, its first in 14 years.