Key facts
- Brazil's trade surplus was $7.82 billion in May.
- The May surplus exceeded the market forecast of $7.65 billion.
- Exports rose 6.6% year-on-year to $31.9 billion in May.
- Higher prices for crude oil, copper ore, beef, and fuels boosted exports.
- Oil export volumes plunged 42.1% year-on-year due to a new export tax.
- Imports rose 5.3% year-on-year to $24.1 billion in May.
Brazil recorded a trade surplus of $7.82 billion in May, a decrease from the $10.54 billion surplus in April. The May surplus surpassed the market's forecast of $7.65 billion, driven by a 6.6% year-on-year increase in exports to $31.9 billion. This export growth was supported by an 11.5% increase in prices for key commodities such as crude oil, copper ore, beef, and fuels. However, oil export volumes plunged 42.1% year-on-year following the government's imposition of a 12% export tax in March. Imports rose 5.3% year-on-year to $24.1 billion, also driven by higher prices. Year-to-date, Brazil's trade surplus increased by 34.2% to $32.7 billion.