Brazil Trade Surplus Misses Forecasts

Brazil’s trade surplus widened 23.8% year-on-year to $7.39 billion in August 2026, above forecasts of $7.14 billion. Exports increased 12.2% to $33.16 billion, with agricultural exports rising 11.4%, extractive industry exports gaining 16.4%, and manufacturing exports increasing 10.2%. Export growth was mainly driven by higher sales of live animals, unroasted coffee, and soybeans in agriculture; copper ores and concentrates, nickel ores and concentrates, and crude petroleum in extractive industries; and poultry meat, soybean meal and other animal feed, and fuel oils in manufacturing. Imports rose 9.2% to $25.76 billion. Agricultural imports increased 7.4%, while manufacturing imports rose 13.4%. Imports by extractive industries fell 41.3%. Trade with the EU performed strongly, with exports rising 46.4%, while the trade surplus with China and Argentina narrowed and trade with the US resulted in a deficit.

Brazil's trade surplus widened 1.0% year-on-year to $7.07 billion in July 2026, below market expectations of an $8.4 billion surplus. Exports rose 6.2% to $34.12 billion. Agricultural exports increased 9.3%, led by live animals (29.9%), soybeans (17.4%), and raw cotton (27.2%). Shipments from extractive industries advanced 10.8%, supported by other crude minerals (55.5%), base metal ores and concentrates (101.5%), and crude petroleum (23.8%). Manufacturing exports rose 2.4%, boosted by pulp (30.8%), fuel oils excluding crude (63.0%), and vegetable fats and oils (149.5%). Meanwhile, imports climbed 7.6% to $27.05 billion, driven by a 31.4% increase in extractive industry purchases and a 6.9% rise in manufacturing imports, led by pharmaceuticals (44.1%), fuel oils (31.4%), and data processing equipment (216.7%).

Brazil’s trade surplus widened to USD 9.76 billion in June 2026 from USD 5.86 billion a year earlier, though it fell short of market expectations for a USD 9.9 billion surplus. Exports jumped 24.9% year-on-year to USD 36.28 billion, driven by strong gains in extractive industries (58.4%), alongside growth in manufacturing (14.7%) and agriculture (18.0%). Shipments to China rose 24.4%, while exports to the European Union and the US increased 43.0% and 3.7%, respectively, although exports to Argentina fell 18.1%. Imports climbed 14.4% to USD 26.52 billion, supported by manufacturing (14.3%) and extractive industries (25.0%), with purchases from China rising 27.1% while imports from the US declined 12.3%. In the first half of 2026, exports increased 11.5% and imports 5.1%, lifting the cumulative trade surplus to USD 42.36 billion, up 40.3% from a year earlier.