Brazil recorded its highest ever trade surplus for June, driven by a larger decline in imports than in exports.
The trade surplus came in at $10.6 billion for the month, beating the median forecast for a surplus of $9.9 billion, According to data provided by the government,
Brazil’s Ministry of Industry, Trade, and Services said this was the highest surplus for the period since 1989.
Imports decreased by 18.2% in the month compared to June 2022, totaling $19.5 billion, mainly affected by lower prices.
Exports decreased by 8.1% to $30.1 billion, with the volume of exports increasing compared to the same period last year.
Important products that Brazil exports, such as soybeans, crude oil, and iron ore, saw a significant drop in prices compared to last year.
