Brazil’s trade surplus in February reached $4.5 billion, 50% higher than a year earlier and well above the $3.3 billion economists expected. That was likely due to a 16% jump in exports. Commodities were the main driver, with a 327% rise in oil shipments and a more-than-doubling in iron ore. Much of this went to China, shipments to which accelerated to 87% growth. That represents a marked recovery from last year, and may continue given recent optimistic outlooks given by Chinese purchasing managers.