Brazil is on track to post a trade surplus of US$47.1 billion for 2016, according to a weekly survey polled by the Brazilian central bank.

The Wall Street Journal reported that the surplus would surpass the previous record of US$46.5 billion in 2006.

The 2006 surplus was generated by a strong demand for Brazilian exports but the new record is the result of slumping imports triggered by the economic recession, the newspaper says.

Brazil’s economy is expected to contract by 3.5 percent this year, after gross domestic product fell 3.8 percent last year.