Brazil had a trade surplus of US$491 million in April, data from the Ministry of Development, Industry and Foreign Trade showed on Monday. The country posted a trade surplus of US$460 million in March.

Brazilian exports totalled US$19.7 billion in April, down 23.2 percent from a year earlier. Imports declined by 23.7 percent year-on-year to US$19.2 billion last month.

April’s surplus however dropped 3 percent from a year ago, official data show.

Despite the two consecutive monthly surpluses, Brazil’s trade balance remains in the red so far this year with a deficit of about US$5.1 billion due to a drop in the price of key exports such as iron ore and soya bean products. The deficit for the first four months has narrowed from a year earlier, when it stood at US$5.6 billion.

In the four months to April 30, Brazil exports totalled US$57.9 billion, down 16.4 percent from a year earlier. The value of imports dropped by 15.9 percent year-on-year to about US$63 billion.