Brazil Trade Surplus Narrows as Imports Surge

Brazil posted a $6.40 billion trade surplus in March 2026, down 17.2% from a year earlier. Imports rose 20.1% to $25.20 billion. Extractive industry imports rose 24.1%, driven by base metal ores up 33.7%, coal up 59.9%, and crude oil up 19.4%. Manufacturing imports increased 20.8%, with medicines up 72.2%, chemical fertilizers up 61.0%, and passenger vehicles up 204.2%. Agriculture imports fell 10.2%, though live fish purchases surged 28.9%, fresh fruits and nuts rose 26.6%, and soybeans jumped 782.0%. Exports grew 10.0% to $31.60 billion, with agriculture up 1.1%, extractive industry up 36.4%, and manufacturing up 5.4%. Exports to Argentina fell 5.9% and to the US fell 9.1%, while sales to the European Union rose 7.3% and to China rose 17.8%.

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%.