Brazil posted a $11.4 billion trade surplus in May, marking a record for any given month since the data series began in 1989, official data showed on Thursday. The figure also came above the $9 billion surplus expected in a Reuters poll with economists, backed by a surge in the volume of exports that more than offset price drops. According to the Ministry of Development, Industry, Trade and Services, Brazilian exports totaled $33.1 billion in May, up 11.6% from the same month in 2022, to the highest value ever recorded in the entire series. They were bolstered by significant double-digit growth in key commodities, including soybeans (+23%), crude oil (+21.4%), and sugar (+91.8%). Meanwhile, imports fell by 12.1% in May, to $21.7 billion, added the ministry. Herlon Brandao, the director of Foreign Trade Intelligence and Statistics at the ministry, attributed the significant boost in Brazilian exports to the country’s record-breaking agricultural harvest, with robust soybean shipments.