The Brazilian Ministry of Industry, Foreign Trade and Services says Brazilian exports and imports should recover this year, and that the trade balance should end the year with a surplus similar to last year’s record surplus, Agência Brasil reports.

The Brazilian news agency quotes Brazilian Secretary of Foreign Trade Abrão Neto as saying he expects the prices of mineral commodities to recover, and imports to show further signs of growth. The official said there were projections that global trade and the global economy would grow.

Brazil had an annual trade surplus of US$47.7 billion last year, its biggest yet, because imports slumped, Agência Brasil says.