SAO PAULO, Nov 6 (Reuters) - Brazilian steelmaker Gerdau on Monday reported a 47% drop in its third-quarter profit, landing above analysts' expectations even as its steel sales suffered from countries in Asia boosting their exports to international markets.

Gerdau's adjusted net profit hit 1.6 billion reais ($327.5 million), while analysts polled by LSEG had forecast a profit of 1.44 billion reais.

Steel sales volumes over the period fell 6% to 2.755 million metric tons, which the company said reflected a "more challenging short-term environment."

"This is mainly due to over-capacity in Asian steel production, resulting in an increase in exports to other markets and pressure on international prices," Gerdau said in a statement.

Revenue landed at 17.06 billion reais, shrinking 19% from a year earlier but also above analysts' estimate of 16.56 billion reais.

Earnings before interest, taxes, depreciation and amortization fell 38% to 3.35 billion reais, still above the expected 3.17 billion reais.

($1 = 4.8853 reais) (Reporting by Peter Frontini; Editing by Sarah Morland)