Brazil posts trade surplus of $8.8 billion in June

Brazil’s trade surplus reached $8.814 in June, official figures showed on Friday, below market expectations.

Economists polled by Reuters had projected a $9.994 billion surplus for the month.

The reading was the second best for the month of June, after last year, since the figures were recorded in 1989.

According to the Economy Ministry, exports grew 15.6% from June last year, to $32.7 billion, while imports jumped 33.7% to $23.9 billion.

Global inflationary pressures have been boosting the value of tradable goods, amid rising food and energy prices and disrupted supply chains with the Russia-Ukraine war.

But Brazilian imports have increased faster, which has prompted the ministry to revise its projections for the year.

The first half of 2022 ended with a $34.2 billion surplus, down from $37.0 billion in the year-ago period. The government now expects to end 2022 with a $81.5 billion surplus.

The number represents a major cut from the $111.6 billion 2022 surplus estimate made in April.

The outlook for exports was revised slightly up to $349.4 billion in 2022, from $348.8 billion. Imports are now expected to reach $268.0 billion this year, up from the previous $237.2 billion estimate.