Brazil Posts $7.8 Billion May Trade Surplus as Export Prices Outpace Import Gains
Updated
Updated · Reuters · Jun 3
Brazil Posts $7.8 Billion May Trade Surplus as Export Prices Outpace Import Gains
2 articles · Updated · Reuters · Jun 3
Summary
$7.8 billion was Brazil's May trade surplus, topping the $7.7 billion forecast as exports rose faster than imports.
Exports climbed 6.6% to $31.9 billion, driven by an 11.5% increase in prices even as shipment volumes fell.
Double-digit price gains in crude oil, copper ore, beef and fuels supported export revenue, while soybean prices and volumes also increased.
Imports rose 5.3% to $24.1 billion, also reflecting higher prices, and year-to-date Brazil's trade surplus reached $32.7 billion, up 34.2% from a year earlier.
Oil export volumes plunged 42.1% after Brazil imposed a 12% export tax in March to cushion the impact of war-driven global oil price disruptions.