LatinNews Daily - 14 June 2022

In brief: Brazil’s trade surplus shrinks in May despite record flows

* The Brazilian economy ministry has released figures for the May balance of trade, which show that exports totalled US$29.6bn last month, while imports totalled US$24.7bn. While the resultant US$54.4bn balance of trade is a record, and an 18.3% increase on total trade flows in May 2021, the month’s US$4.9bn surplus represents a 44.7% reduction on the trade surplus recorded a year earlier. The deputy secretary for foreign trade intelligence and statistics, Herlon Brandão, noted that both exports and imports have reached their highest values since current records began in 1997, but that the trade surplus shrank as imports surged at a faster pace than exports. Year-on-year, Brazilian agricultural exports grew 0.2% in May; extractive industry exports shrank 4.5%; and manufacturing exports grew 19.4%. Meanwhile, the value of agricultural imports increased 14.5%; extractive industry imports surged 74.8%; and manufacturing imports grew 32%.

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