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Brazil revises up Nov exports by US$3.8b
[BRASILIA] Brazil's Economy Ministry on Thursday revised up the estimated value of the country's exports in November by US$3.8 billion, or almost 40 per cent, and said October's figures may also be recalculated.
The revision, which will swell the country's trade surplus for November, boosted the Brazilian real and put it on course for its biggest daily gain against the dollar in over a month.
Citing "inconsistencies related to the transmission and reception of data for processing foreign trade statistics," the ministry said exports in the first four weeks of this month were US$13.5 billion, not US$9.7 billion as previously recorded.
This means the trade surplus this month will be around US$2.7 billion. Previously, the trade balance was poised to post its first deficit for a November since the US$2.4 billion shortfall in November 2014.
The dollar slumped more than 1 per cent to 4.2160 reais, pressured by central bank dollar-selling intervention in the morning and then the revision in the afternoon.
"The new number changes the picture, and destroys part of dollar buyers' argument," said one trader.
A widening trade surplus is generally viewed as positive for a currency as that involves demand and capital inflows from overseas, while a narrowing surplus or deficit is negative.