Brazil’s April trade surplus jumps nearly 38% on rise in soy, oil exports

Brazil’s trade surplus jumped 37.5% ​in April from a year earlier to $10.5 ‌billion, a record for that month, government data showed on Thursday, buoyed by strong shipments of key commodities including soybeans, ​crude oil, iron ore and beef.

The ​result, however, was below the $10.9 billion median forecast ⁠in a Reuters poll of economists.

Exports rose ​14.3% from a year earlier to $34.1 billion, according to ​the Ministry of Development, Industry, Trade and Services.

The rise in exports was driven by sharply higher shipments of soybeans, crude ​oil, iron ore and beef, which were up ​in value by 18.8%, 10.6%, 19.5% and 29.4%, respectively.

Imports ‌increased ⁠6.2% in April to $23.6 billion.

In the first four months of the year, Brazil’s trade surplus climbed 43.5% to $24.8 billion.

Analysts have been revising upward their ​forecasts for the ​country’s trade ⁠surplus this year amid pressure on oil prices linked to the U.S.-Israel war with Iran. ​Brazil, an agricultural powerhouse and Latin America’s ​largest ⁠economy, is also a net exporter of crude oil.

Last month, the government projected a 2026 trade surplus of $72.1 billion, noting ⁠the ​estimate did not yet factor ​in the impact of persistently higher oil prices through the rest of ​the year.

Source: Reuters

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