The outcome is down 23% from the fourth quarter last year, a performance said to stem from currency devaluation late in the year, coupled with lower sales of oil and its derivatives.”

The rate was higher than in the previous month but lower than in April last year. Food and beverages saw a 0.7% hike.

Despite falling prices for soybeans, iron ore, and oil, the surplus was up 13.7% from April last year and is the second best for the month, surpassed only by the nearly $10 bi from April 2021.

The decision was motivated by the recent rise in the dollar and increased uncertainties. The 0.25 percentage-point drop, however, shows that the cuts are coming at a slower pace.

The initial green light covers 200 thousand tons from Mercosur nations—Argentina, Paraguay, Uruguay, and occasionally Bolivia—said Brazilian Minister for Agriculture and Livestock Carlos Fávaro.