Remember the days when the Brazilians were upset about "currency wars" and the fact that the Real was too strong against the USD and that the Fed was undermining the USD with its QE policy? While it may seem counter-intuitive, the trade balance was actually quite healthy during that time (in 2011) and since then, as the Real has weakened, the trade balance has deteriorated. Now part of this is likely due to the fact that China's growth has slowed which has curbed exports to Brazil's most important trade partner, but another reason is that as the Real weakness, the cost of imports rises (especially for items like oil, but anything else as well). So the fact that a country's currency is weaker (and exports have a cost advantage) doesn't necessarily translate into better performance for trade (ask the Japanese which are suffering through something similar at the moment). It's an interesting tale of "be careful what you ask for" and I found interesting and through I would share.