Brazil Trade Surplus Jumps on Sharp Import Drop

Brazil posted a USD 4.34 billion trade surplus in January 2026, up 85.8% year on year, largely driven by a sharp drop in imports. Purchases abroad fell 9.8% to USD 20.8 billion, led by a 30.2% plunge in extractive industry imports. Agricultural and livestock imports declined 28.7%, while those from the transformation industry fell 8.2%. Imports from Argentina (-13.6%), the US (-10.9%), China (-4.9%) and the EU (-11.5%) all decreased. Exports edged down 1% to USD 25.1 billion, with extractive sales falling 3.4% and transformation industry exports slipping 0.5%, partly offset by a 2.1% rise in agricultural shipments. Exports to Argentina (-24.5%), the US (-25.5%) and the EU (-6.2%) declined, while sales to China jumped 17.4%.

Brazil recorded a trade surplus of USD 9.6 billion in December 2025, up 107.8% year-on-year and the largest ever for a December, as exports hit a record USD 31.0 billion (24.7%) while imports rose 5.7% to USD 21.4 billion. Total trade reached USD 52.4 billion, also a December record. Over the year, manufacturing exports rose 3.8% in value to a record USD 189 billion, supported by higher volumes and strong shipments of beef, pork, vehicles, machinery and roasted coffee. Extractive exports grew 8% in volume, with record iron ore and oil shipments, while agricultural exports rose 7.1% in value, led by green coffee and soybeans. Exports to China increased 6% to USD 100 billion, shipments to the EU rose 3.2% and exports to Argentina jumped 31.4%, while sales to the US fell 6.6% despite a December improvement. On the import side, capital goods led gains (23.7%), fuel imports declined 8.6%, and purchases from China, the US and the EU increased.

Brazil’s trade surplus narrowed to $5.84 billion in November 2025, from $6.57 billion in October and $6.75 billion in November 2024, as exports rose less than imports. The latest figure came in slightly above market expectations of $5.7 billion. Exports grew 2.4% year-on-year to $28.51 billion, supported by strong sales in agricultural (+25.8%) and manufactured goods (+3.7%), which more than offset a drop in the extractive industry (-14.0%). Meanwhile, imports increased 7.4% to $22.67 billion, driven mainly by higher purchases from the manufacturing sector (+9.3%), as imports from agricultural (-5.4%) and extractive industries (-18.1%) dropped. Among major trading partners, exports to China surged 41%, while imports rose 3.1%. Sales to the US declined 28.1%, while imports climbed 24.5%. For the January-November period, the country’s trade surplus narrowed to $57.84 billion from $69.54 billion in the same period last year.