The trade surplus in May fell due to declining prices for soybeans and iron ore. The Ministry of Development, Industry, Trade, and Services announced on Thursday (Jun. 6) that last month, Brazil exported $8.534 billion more than it imported.
The result represents a 22.3 percent drop compared to the same month last year. However, it stands as the third-best result for the month of May, trailing only the record set in May 2023 ($10.978 billion) and 2021 ($8.536 billion).
Despite the lower result in May, the trade balance accumulated a surplus of $35.887 billion in the first five months of 2024. This marks the highest result for the period since the beginning of this time series in 1989, representing a 3.9 percent increase compared to the same months last year.
On a monthly basis, exports fell while imports remained relatively stable. Brazil sold $30.338 billion abroad, marking a 7.1 percent decline compared to the same month in 2023. Imports totaled $21.804 billion, showing a slight increase of 0.5 percent.
The decline in the international prices of soybeans, iron ore, and meat was the primary factor behind the drop in exports. Even the growth in sales of other products, such as cotton, crude oil, and coffee in May, was not sufficient to offset the decrease in the price of these commodities.
