Brazil: Merchandise trade surplus increases to near three-year high in April
Latest reading: In April, the trade balance was USD +10.5 billion, following a USD +6.5 billion reading in the previous month. This marked the largest surplus since May 2023 and undershot market expectations. Over the last 12 months, the trade balance summed to USD +75.6 billion.
Merchandise exports rose 14.3% in year-on-year terms in April, following a 10.4% rise in the prior month; exports to China rose by over 30%, while exports to Argentina and the U.S. fell again. Goods imports were up 6.2% in annual terms in April, following 20.1% growth in the prior month; mirroring March’s dynamics: Manufacturing imports rose, while agricultural imports decreased.