Brazil posts record trade surplus in May on surging exports
Reuters
Published Jun 02, 2023 05:12
Updated Jun 02, 2023 05:25
BRASILIA (Reuters) - Brazil posted a $11.4 billion trade surplus in May, marking a record for any given month since the data series began in 1989, official data showed on Thursday.
The figure also came above the $9 billion surplus expected in a Reuters poll with economists, backed by a surge in the volume of exports that more than offset price drops.
According to the Ministry of Development, Industry, Trade and Services, Brazilian exports totaled $33.1 billion in May, up 11.6% from the same month in 2022, to the highest value ever recorded in the entire series.
They were bolstered by significant double-digit growth in key commodities, including soybeans (+23%), crude oil (+21.4%), and sugar (+91.8%).
Meanwhile, imports fell by 12.1% in May, to $21.7 billion, added the ministry.
Herlon Brandao, the director of Foreign Trade Intelligence and Statistics at the ministry, attributed the significant boost in Brazilian exports to the country's record-breaking agricultural harvest, with robust soybean shipments.
"This should cool down, but not much. We still have the record corn crop coming in the next few months as well, so the volume shipped this year should grow," he said at a news conference.
From January to May, the positive balance of trade soared by 39.1% compared to the same period last year, reaching $35.3 billion.
Following the ministry's initial projection for a $84 billion trade surplus this year, Brandao said that the figure is expected to be changed in the upcoming review in July, considering more favorable export prospects.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.