BRASILIA, Dec 1 (Reuters) - 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. (Reporting by Alonso Soto)