Brazil’s trade surplus reached $8.814 in June, official figures showed on Friday, below market expectations.
Economists polled by Reuters had projected a $9.994 billion surplus for the month.
The reading was the second-best for the month of June, after last year, since the figures were recorded in 1989.
According to the Economy Ministry, exports grew 15.6% from June last year, to $32.7 billion, while imports jumped 33.7% to $23.9 billion.
Global inflationary pressures have been boosting the value of tradable goods, amid rising food and energy prices and disrupted supply chains with the Russia-Ukraine war.
But Brazilian imports have increased faster, which has prompted the ministry to revise its projections for the year.
The first half of 2022 ended with a $34.2 billion surplus, down from $37.0 billion in the year-ago period. The government now expects to end 2022 with an $81.5 billion surplus.
The number represents a major cut from the $111.6 billion 2022 surplus estimate made in April.
The outlook for exports was revised slightly up to $349.4 billion in 2022, from $348.8 billion. Imports are now expected to reach $268.0 billion this year, up from the previous $237.2 billion estimates.
