Brazil posted a higher-than-expected $4.9 billion trade surplus in May, official data showed on Monday, boosting exports to the European Union amid Russia's invasion of Ukraine, Reuters reported. The result represented a sharp decline from the $8.5 billion surplus posted in May 2021, on the back of a surge in imports while exports grew at a slower pace. Exports were up 8% from the same month last year to $29.6 billion, a record for any month, the Economy Ministry said.

Argentina's benchmark interest rate is likely to be hiked another 200 basis points next week, analysts polled by Reuters estimated, as the central bank seeks to counter soaring and painful inflation that could top 70% this year, Reuters reported. The survey of seven analysts and traders indicated the bank would likely hike the rate to 51% from its current level of 49%, according to a median of the responses. The estimates ranged from no change to a steepest hike of 350 basis points.

The International Monetary Fund (IMF) said Wednesday it had reached a staff-level agreement on an updated macroeconomic framework with Argentine authorities, allowing the country access to about $4.03 billion, Reuters reported.

Chile’s government is confident it will be able to undertake massive structural reforms without scaring away foreign investors, according to one of the nation’s top economic officials, Bloomberg News reported. “Our main message is that change is not the same as uncertainty,” Economy Minister Nicolas Grau, 39, said in an interview Monday in Ottawa. He spoke in Canada as part of an official visit by Chile’s left-wing President Gabriel Boric, who met with Prime Minister Justin Trudeau and investors before he travels to the Summit of the Americas in Los Angeles.

Brazil's consolidated public sector posted a primary budget surplus of 38.88 billion reais ($8.18 billion) in April, the best result since the central bank series started in 2002, figures showed on Tuesday, Reuters reported. In the 12 months to April, the primary surplus as a percentage of GDP reached 1.52%, up from 1.37% in the previous month. The figure was boosted by gains reported in tax collection, helped by the upturn in economic activity and a jump in fuel prices.

Brazilian consumer prices rose more than expected in the month to mid-May, statistics agency IBGE said on Tuesday, marking the sharpest jump for the period in six years as the country grapples with galloping inflation, Reuters reported. The IPCA-15 consumer price index rose 0.59% in the month, according to IBGE. That was down from 1.73% in the previous month as the central bank has raised interest rates aggressively, but still above expectations of a 0.45% rise, according to the median forecast in a Reuters poll. Inflation in the 12 months to mid-May hit 12.20%, up from 12.03% in mid-April.

A senior official in Argentina charged with leading government efforts to tame sky-high inflation resigned on Monday due to differences over how to contain steadily creeping prices, which have hobbled the country's economy, Reuters reported. Annual inflation in the South American nation reached 58% in April, as many food and energy prices surged in the aftermath of Russia's invasion of Ukraine, with some analysts predicting consumer prices will jump 70% later this year.

Chile on Friday accepted a short-term liquidity line (SLL) from the International Monetary Fund (IMF) of around $3.5 billion, aiming to support the South American country's economy as it rebounds from the COVID-19 pandemic, Reuters reported. Chilean authorities also notified the IMF that of their decision to exit the current two-year flexible credit line, which was set to expire at the end of the month.

Brazil's Economy Ministry on Friday said it needs to freeze 10 billion reais ($2.1 billion) in expenditures to comply with the spending cap rule, which limits spending growth to the previous year's inflation, Reuters reported. The limitation highlights President Jair Bolsonaro's difficulties to approve new expenses that are not yet included in the budget while seeking reelection in October.

Brazil's government debt as a share of gross domestic product fell to 78.5% in March, the lowest level in almost two years, with improved revenues in states and municipalities leading to a new primary surplus for the month, Reuters reported. That compares with a gross debt of 79.2% of GDP in February, to the best result since April 2020 (78.4%), when the country was beginning to be hit by the coronavirus pandemic. Booming revenue, helped by a surge in commodities, has lifted the government's budget, while expenditures have not grown at the same pace due to a constitutional spending cap.