thanks to the Iran war, as high oil prices bolstered the South American country’s coffers. Exports totaled $34.15 billion on the month, a 14.3% increase from a year prior and the highest such figure in data going back to 1997. Brazil’s trade surplus rose 37.5% in the same period, hitting $10.5 billion.
Brazil is Latin America’s largest oil producer and has benefited from higher crude prices spurred by the war. At the same time, it also has forced President Luiz Inacio Lula da Silva to try to shield consumers from rising costs locally by cutting fuel taxes and providing subsidies.
