Country saw its smallest current account result in three years. The widening of the trade balance surplus was a factor.
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The Ministry of Development, Industry, Commerce and Services estimates the country will have a record positive trade balance in 2023, with USD 93 billion.
Ministry forecasts a trade surplus of USD 84.7 billion this year as imports will fall more than exports. Prices of goods Brazil imports like fertilizers, fuels and wheat are declining.
The Brazilian Foreign Trade Association projects a more significant decline in imports than exports from the country for next year.
Brazil’s trade surplus of USD 4.9 billion was the lowest for the month of May since 2019.
Overall imports to Brazil were down 1.2% in April, while capital goods imports dropped by 10%. The surplus was the second widest on record for the month.
Imports came out to USD 3.2 billion, leading to a trade surplus of over USD 1.8 billion.
It stood at USD 3.775 billion last month, the result of USD 22.552 billion in exports and USD 18.777 billion in imports.
The surplus stood slightly over USD 30 billion in the first six months, the result of USD 114 billion in exports and USD 84 billion in imports.
