Brazil sets highest monthly trade surplus in history

Brazilian exports reached a historic milestone in May, totaling US$ 33.07 billion, the highest single-month value ever recorded in the country. Meanwhile, imports amounted to US$ 21.69 billion. This represents an 11.6% increase in sales to other countries and a 12.1% decline in purchases from abroad. As a result, the trade balance for May achieved a record monthly surplus of US$ 11.38 billion, marking a significant 129.5% increase compared to the same period last year.

Looking at the cumulative figures for the first five months of the year, exports reached US$ 136.39 billion, showing a growth of 3.9% compared to the same period in the previous year. On the other hand, imports stood at US$ 101.11 billion, representing a 4.6% decrease. The surplus for this period reached US$ 35.28 billion, indicating a remarkable growth of 39.1% compared to the same period last year.

Exports

In May 2023, agricultural exports experienced a substantial 15.7% growth, amounting to US$ 9.2 billion. Noteworthy contributors to this increase were soybeans (23% growth), live animals (excluding fish or crustaceans) with a staggering 245.4% surge, and paddy rice, which saw an astounding growth of 287,085.5%. The extractive industry also performed well, with a 12.8% increase, totaling US$ 7.0 billion. Finally, inles reached US$ 16.6 billion in the manufacturing industry, reflecting an 8.5% growth.

From January to May 2023, compared to the same period the previous year, the sector-wise results were as follows: a 7.5% growth in agriculture, reaching US$ 35 billion; a 1.1% increase in the extractive industry, totaling US$ 29.5 billion; and a 2.9% growth in the manufacturing industry, which reached US$ 71 billion.

Imports

In May 2023, imports showed varying performance across different sectors. The agriculture sector experienced a significant decline of 36.4%, amounting to US$ 0.3 billion. The extractive industry saw a reduction of 19.1%, reaching US$ 1.5 billion, while the manufacturing industry recorded an 11% drop, totaling US$ 19.7 billion.

The decline in imports was influenced by reduced purchases of several products. In the agriculture sector, there was a substantial drop in wheat and rye (not milled) by 48.3%, soy by 99.6%, and unground corn (excluding sweet corn) by 97.5%.

The extractive industry experienced declines in coal (in powder or non-agglomerated form) by 32.5%, copper ores and concentrates by 100.0%, and natural gas (liquefied or not) by 20.4%.

The manufacturing industry saw decreases in fertilizers or chemical fertilizers (excluding crude fertilizers) by 57.7%, fuel oils from petroleum or bituminous minerals (excluding crude oils) by 45.2%, and sulfonamides by 24.2%.

Year-to-date, imports fell by 12% in agriculture – which totaled US$ 2 billion; retraction of 20.8% in the extractive industry, which reached US$ 7.5 billion and reduction of 2.6% in the manufacturing industry, which totaled US$ 90.9 billion.

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