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Brazil's iron ore exports in July hit a record volume

Official data released on Wednesday showed that Brazil exported 41.1 millions metric tons (metric tons) of iron ore during July, breaking its previous record of 39.5 million tons, set in December 2015.

Why it's important

Brazil is the second largest exporter of iron after Australia. Brazil exports iron ore, along with soybeans and oils.

Brazil reported a trade surplus of $7.1 billion for July, a 6.3% decline from the previous year.

By the Numbers

Brazilian iron ore exports, led by Vale, grew 4.7% from July last year. However, revenues fell 8.8%, to $2.62billion, as prices dropped about 13%.

KEY QUOTE

In a recent statement, the Brazilian mining lobby group Ibram stated that "June-July saw a rebound in confidence in the sector because of the progress of major projects in China and the resumption in production."

Ibram noted that this was one factor which may have contributed to the increase in global prices since late June. (Reporting and writing by Roberto Samora, Editing by Sarah Morland & Leslie Adler; Writing by Andre Romani)

(source: Reuters)