BRASILIA 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.

"This should cool down, but not much. We still have the record corn crop coming in the next few months as well, so the volume shipped this year should grow," he said at a news conference.

From January to May, the positive balance of trade soared by 39.1% compared to the same period last year, reaching $35.3 billion.

Following the ministry's initial projection for a $84 billion trade surplus this year, Brandao said that the figure is expected to be changed in the upcoming review in July, considering more favorable export prospects.

(Reporting by Marcela Ayres; Editing by Aurora Ellis)