Brazil’s Trade Balance Rebounds in February

Brazil posted a USD 4.21 billion trade surplus in February 2026, rebounding from a USD 0.467 billion deficit a year earlier but slightly missing forecasts of USD 4.23 billion. Exports rose 15.6% year-on-year to USD 26.31 billion, driven by strong growth in mining (55.5%) and agriculture (6.1%), led by iron ore, copper ores, crude oil, corn, soybeans, and beef. Imports fell 4.8% to USD 22.10 billion, with sharp declines in agriculture (-20%) and manufacturing (-4%), particularly in wheat, corn, and machinery, partially offset by increases in live animals, soybeans, and passenger vehicles. Exports to China surged 38.7% and to the EU 34.7%, while sales to Argentina dropped 26.5% and to the US fell 20.3%.

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.