Brazil posts May trade surplus of US$9.3 billion as exports hit historic high

RIO DE JANEIRO, BRAZIL – Brazil posted a trade surplus of US$9.3 billion in May, Economy Ministry figures showed on Tuesday, June 1, as record exports for that month helped fuel the second largest overall surplus ever.

The US$9.3 billion surplus was almost exactly in line with the consensus forecast in a Reuters poll for a US$9.2 billion surplus, and up almost 30% from the US$6.8 billion surplus in May last year.

It is the second-highest on record following April’s US$10.3 billion surplus, Refinitiv figures show, meaning the April-June surplus will almost certainly be the highest quarterly surplus on record.

Exports in May totaled a record US$26.95 billion for that month and imports were US$17.7 billion, the ministry said, adding that total trade flows of US$44.6 billion in the month were up 50% from a year earlier.

These figures mean Brazil’s trade surplus in the first five months of the year totaled US$27.5 billion, sharply up from the US$15.8 billion surplus a year ago.

Exports in the January-May period totaled US$109.1 billion, up 31% on the year, while imports of US$81.5 billion were 21% higher than a year ago, ministry figures showed.

Economy Ministry officials have said the 2021 surplus could reach a record of almost $90 billion, and the Central Bank is forecasting a US$70 billion surplus this year. Both would be significantly higher than last year’s US$53 billion.

(Reporting by Jamie McGeever Additional reporting by Gabriel Ponte Editing by Chris Reese and Marguerita Choy)