Overview
- Government data released Wednesday show a US$7.8 billion trade surplus for May 2026 with exports of US$31.9 billion and imports of US$24.1 billion, giving a year-to-date surplus of about US$32.7 billion.
- Commodities powered the gains: soybean shipments reached US$6.3 billion, beef rose to US$1.7 billion, fuel oils climbed sharply, and copper ore exports jumped, together offsetting weaker manufactured sales.
- Exports to the United States fell 14% in May to US$3.09 billion, creating a US$121 million bilateral deficit for the month and extending a decline that is down 16% year to date.
- Policy and price drivers reshaped values: a temporary 12% export tax on crude and higher international fuel prices increased fuel-related export receipts, while new U.S. trade measures proposed in early June create near-term uncertainty for U.S. demand.
- Officials project a full-year surplus near US$72.1 billion and note gradual market diversification toward China and other partners, but warn that tariff actions and geopolitical price shocks could alter flows and revenues going forward.