Brazil Trade Surplus Surges in September

Brazil’s trade surplus surged 146.4% year over year to $7.74 billion in September 2026, above forecasts of $7.19 billion and marking the sharpest annual increase since January 2024. Exports rose 12.9% to $34.42 billion. Agriculture exports increased 4.8%, led by higher sales of rye, oats and other unmilled cereals (31,239.5%), unroasted coffee (8.7%) and soybeans (11.9%). Extractive industry shipments jumped 39.8%, driven by other crude minerals (104.4%), copper ores and concentrates (74.2%) and crude petroleum oils (77.3%). Manufacturing exports rose 5.3%, led by soybean meal and other animal feed, meat and animal flours (47.7%), fuel oils from petroleum or bituminous minerals (39.1%) and non-monetary gold. Imports fell 2.4% to $26.68 billion, driven by a 3.2% decline in manufacturing purchases, while agriculture imports rose 9.3% and extractive industry imports increased 7.4%.

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%).