BRASILIA, June 3 (Reuters) – Brazil’s trade surplus reached $7.8 billion in May, official data showed on Wednesday, above market expectations, as higher prices drove export growth at a faster pace than imports.
Economists polled by Reuters had forecast a $7.7 billion surplus for the month.
According to the Ministry of Development, Industry, Trade and Services, exports rose 6.6% from the same month a year earlier to $31.9 billion, supported by a 11.5% increase in prices, while shipment volumes declined.
Double-digit price gains were recorded for key goods exported by Latin America’s largest economy, notably crude oil, copper ore, beef and fuels.
Oil export volumes, however, plunged 42.1% from the same month a year earlier, following the government’s imposition of a 12% export tax since March, as part of a package to mitigate the impact of a surge in international oil prices driven by supply disruptions linked to the U.S.-Israel war against Iran.
Soybeans, the country’s top export, increased in price, albeit less sharply, and also in volume.
Imports, meanwhile, rose 5.3% in May from a year earlier to $24.1 billion, also driven by higher prices.
Year-to-date, Brazil’s trade surplus rose 34.2% from the same period last year to $32.7 billion.
(Reporting by Marcela Ayres; Editing by Kylie Madry)
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