By Marcela Ayres

BRASILIA, Reuters – Brazil recorded a record March trade surplus of $7.4 Billion, according to official data. However, the figure was far below market expectations due to expectation that commodity prices will rise and exports would increase.

A Reuters poll found that economists expected a surplus of $9.01 billion for October.

To $29.1 trillion, exports increased by 25% in March compared to last year. This is an unprecedented monthly record. The Economy Ministry said imports increased by 27.1% to $21.7 billion.

Both cases were influenced by rising prices.

The volume of import products fell 7.1% in March compared to the previous year. However, the prices rose 29.5%. Prices increased 17.2%, and the volume exported goods increased by 1.8%.

Brazil’s first quarter trade surplus increased from $8.1 million to $11.3 billion last year.

A surge in overseas sales led to the Economy Ministry updating its projections for 2022. The forecast was $111.6 Billion, which is significantly higher than the $79.4B estimate before.

In 2022, the outlook for exports has been revised to $348.8 million from a January projection at $284.3.

Herlon brandao, the undersecretary for foreign trade intelligence stats said that “the conflict between Russia & Ukraine resulted in higher prices” and that it was expected to increase export value.

Brazil is the world’s largest exporter for soybeans, iron, steel, pulp, sugar and crude petroleum.

According to the ministry, imports are expected to reach $237.2 billion in 2018, up from $204.9 million previously.