Latest News Stream - Balance of Trade

Brazil’s trade surplus rose 39.4% year on year to $9.32 billion in October 2026, beating forecasts of $9 billion and reaching a six-month high. Exports grew 20% to $37.81 billion. Agricultural exports rose 12.8%, led by live animals (212.1%), rye, oats and other unmilled cereals (12,208.8%), and soybeans (8.9%). Extractive-industry exports surged 53.5%, driven by nickel ores (103.1%), precious-metal ores (900.6%), and crude petroleum oils (122.6%). Manufacturing exports rose 7.7% on stronger soybean meal and animal feed (39.1%), pulp (25.8%), and fuel oils (164.5%). Imports grew 14.8% to $28.49 billion, with agricultural purchases up 10.1%, extractive-industry imports up 51.4%, and manufacturing purchases up 13.1%.

Greece’s trade deficit widened to EUR 3.3 billion in September 2026 from EUR 2.7 billion in the same month a year earlier. Imports surged by 15.5% year-on-year to EUR 8.1 billion, driven largely by increased purchases from both third countries (+24.5%) and EU countries (+8.2%). Meanwhile, exports climbed by 11.6% to EUR 4.8 billion, supported by higher shipments to EU countries (+23.7%), although exports to third countries fell by 3.3%. Over the January–September period, the trade deficit narrowed slightly to EUR 24.5 billion from EUR 24.9 billion in the corresponding period of the previous year.

Iceland’s trade deficit widened to ISK 70.3 billion in October 2026 from ISK 24.0 billion in the same month a year earlier. Imports surged by 51% year-on-year to ISK 165.1 billion, driven largely by higher purchases of capital goods (+159%), fuels and lubricants (+34%), food and beverages (+17%), industrial supplies (+5%), transport equipment (+5%), and consumer goods (+3%). Meanwhile, exports increased by 11% to ISK 94.8 billion, supported by higher shipments of agricultural products (+59%), manufactured products (+18%), marine products (+8%), and farmed fish (+3%), which offset declines in other products (-59%). Over the last twelve months, Iceland’s trade deficit totaled ISK 513.6 billion, up from ISK 496.6 billion a year earlier. Imports rose by 3% to ISK 1,488.6 billion, while exports also increased by 3% to ISK 975.0 billion.

The trade surplus in the Czech Republic narrowed to CZK 23.7 billion in September 2026 from CZK 27.0 billion a year earlier, but higher than market expectations of CZK 11.6 billion. Exports rose 7.8% year-on-year to CZK 456.8 billion, while imports increased at a faster pace of 9.2% to CZK 433.1 billion. Export growth was driven mainly by higher sales of crude petroleum and natural gas (+174.8%), electricity, gas, steam and air conditioning (+152.6%), tobacco products (+49.5%), and other manufactured goods (+13.4%). Meanwhile, imports increased primarily due to higher purchases of metal ores (+147.2%), crude petroleum and natural gas (+56.4%), electricity, gas, steam and air conditioning (+36.2%), and computers, electronic and optical products (+29.8%). In the January–September period, the trade surplus narrowed to CZK 101.9 billion from CZK 153.6 billion a year earlier, as imports outpaced exports, rising 5.6% and 3.9%, respectively.

France’s trade deficit widened to €7.3 billion in September from a revised €6.0 billion in August, well above expectations of €5.8 billion. The gap was the second-largest since October 2024, as imports rose 4.0% month-on-month to €62.7 billion, driven by refined petroleum products and coke (+24.1%), extractive products, electricity and waste (+7.8%), and mechanical, electrical, electronic and computer equipment (+3.4%). By origin, imports increased from the Americas (+7.5%), Asia (+4.2%) and the EU (+2.5%), but fell from Africa (-5.9%) and the Middle East (-14.3%). Meanwhile, exports rose at a softer 2.0% to €55.3 billion, led by transport equipment (+6.2%), agricultural, forestry and fishing products (+6.5%), and refined petroleum products (+36.8%). Mechanical, electrical, electronic and computer equipment exports edged down 0.4%. By destination, exports increased to the Middle East (+41.5%), Africa (+8.9%) and the EU (+0.9%), but declined to Asia (-1.9%) and the Americas (-1.4%).

North Macedonia’s trade deficit narrowed to $168 million in September 2026, the smallest since January 2021, from $303 million in the same month a year earlier. Exports jumped 23.9% year-on-year to $1,018 million, while imports rose a much slower 5.5% to $1,186 million. In the January-September period, exports rose 14.9% to $7,688 million, supported by chemicals and related products (22.7%), machinery and transport equipment (5.5%), and manufactured goods classified chiefly by material (10.2%). Exports grew to Bulgaria (22.1%), Serbia (21.7%), and Germany (5.2%). Meanwhile, imports climbed 12.0% to $10,666 million, driven by higher purchases of mineral fuels, lubricants and related materials (23.8%), manufactured goods classified chiefly by material (13.8%), and chemicals and related products (11.7%). Import growth was strongest from Great Britain (43.5%), Greece (56.7%), and China (9.0%). Over the first nine months of the year, the trade gap totaled $2,978 million.

Australia’s trade surplus widened sharply to AUD 2.83 billion in September 2026 from a downwardly revised AUD 0.18 billion surplus in the previous month, surpassing market expectations of an AUD 0.8 billion deficit. It was the largest trade surplus since February, as exports rose while imports fell. Exports grew 2.3% month-on-month to a 42-month high of AUD 48.43 billion in September, easing from a downwardly revised 3.1% rise in August, primarily boosted by higher exports of other mineral fuels and metals. Meanwhile, imports dropped 3.3% month-on-month to AUD 45.61 billion, following an upwardly revised 6.2% growth in August, mainly weighed down by non-monetary gold, civil aircraft, and confidentialised items.

Slovenia’s trade surplus narrowed to EUR 398.4 million in September 2026 from EUR 552.6 million in the same month a year earlier. Nevertheless, the latest figure marked the largest surplus in a year. Imports jumped 18.1% year-on-year to EUR 6,499.7 million, driven largely by increased purchases from both EU (+10.0%) and non-EU countries (+26.6%). Meanwhile, exports rose 13.9% to EUR 6,898.2 million, supported by higher shipments to both EU (+7.4%) and non-EU countries (+19.6%). For the January–September period, Slovenia recorded a trade deficit of EUR 6,679.6 million, reversing a surplus of EUR 2,453.0 million in the same period of the previous year, as imports increased by 14.3% while exports declined by 2.8%.

Turkey’s trade deficit narrowed to $6.7 billion in October 2026 from $7.6 billion in the same month a year earlier, although it marked the largest shortfall in three months, according to preliminary data. Exports rose 8.1% year-on-year to $25.9 billion, supported by higher sales of raw materials ($13.4 billion), consumer goods ($8.4 billion), and capital goods ($3.8 billion). Among trading partners, exports increased most to Germany ($2.7 billion), the United States($1.9 billion), and the United Kingdom ($1.4 billion). Meanwhile, imports increased 3.4% to $32.6 billion, their highest level in three months, driven by higher purchases of intermediate goods ($23.4 billion), while imports of capital goods declined by 13% to $4.4 billion. China was the largest source of imports, accounting for $4.4 billion. In the January-October period, the trade deficit widened to $77.7 billion from $74.7 billion in the corresponding period last year, as exports grew 5.5% and imports advanced 5.1%.

Vietnam's trade surplus surged to USD 7.31 billion in October 2026, up from USD 2.38 billion in the same month a year earlier. It was the second straight month of trade surplus and the largest on record, as both exports and imports surged. Exports jumped 51.4% yoy to a record high of USD 64.67 billion, while imports soared 43.1% to USD 57.36 billion. For the first ten months of 2026, the trade account registered a gap of USD 12.07 billion, as exports rose at a softer 27.5% to USD 499.24 billion, while imports grew 37.4% to USD 511.31 billion. Imports jumped as factories continued to bring in more machinery and materials to expand production and achieve double-digit GDP growth this year. During the period, total exports and imports turnover reached USD 1.010 trillion, up 32.3% from the same period last year, surpassing the USD 1 trillion mark for the first time and reaching an all-time high. The US remained the largest export market, while China remained the largest source of imports.

Brunei’s trade surplus surged to BND 884.9 million in August 2026 from BND 415.9 million in the same month a year earlier, marking its highest level since April as exports grew much faster than imports. Exports jumped 58.0% yoy to BND 1.75 billion, the highest since July 2022, driven by strong gains in mineral fuels (61.6%) and chemicals (55.8%). China was the largest export destination, accounting for 22.9% of total shipments, followed by Australia (22.1%), Singapore (15.3%), and South Korea (9.3%). Meanwhile, imports rose at a slower pace of 25.2% to BND 870.0 million, led by higher purchases of mineral fuels (37.5%), chemicals (15.7%), and food (11.3%). Malaysia remained the largest import source, supplying 57.6% of total imports, followed by Vietnam (11.4%), Sweden (5.6%), China (4.7%), and Nigeria (4.5%). In the first eight months of the year, the trade surplus widened to BND 5.11 billion from BND 3.40 billion a year earlier, as exports increased 35.8% while imports rose 27.2%.

Indonesia's trade surplus stood at USD 3.36 billion in September 2026, exceeding expectations of USD 1.9 billion but narrowing from USD 4.34 billion in the same month last year. Exports rose 11.87% yoy, surpassing forecasts of a 6.45% increase and accelerating from a 6.72% rise in August. Non-oil and gas exports climbed 12.39% from a year earlier to USD 26.64 billion, driven by higher shipments to the US (23.21%), China (11.82%), Japan (5.00%), ASEAN (12.46%), and the EU (3.80%). By contrast, oil and gas exports fell 0.99% to USD 0.95 billion, largely due to a decline in crude oil exports (-100.0%). Meanwhile, imports grew 18.41% yoy, below estimates of 24.23% and slowing from a 20.83% rise in August. Oil and gas imports jumped 23.94% year-on-year to USD 3.27 billion, while non-oil and gas imports rose 17.59% to USD 20.97 billion. In the first nine months of 2026, the country posted a trade surplus of USD 10.61 billion, with exports and imports advancing 5.58% and 19.67%, respectively.

South Korea’s trade surplus widened sharply to USD 42.50 billion in October 2026, up from USD 6.00 billion in the same month a year earlier, surpassing market expectations of USD 37.24 billion and marking the 21st consecutive month of surplus, flash data showed. It was the second-largest trade surplus on record, as exports continued to outpace imports. Exports surged 93.7% yoy, accelerating from an 83.7% increase in September, mainly driven by a surge in semiconductor shipments. Semiconductor exports surged 259.4% to USD 56.4 billion, driven by persistently strong global demand related to AI investment. Shipments to China surged 133.6%, while those to the US jumped 185.8%. Meanwhile, imports jumped 36% year-on-year, accelerating from a 26% rise in September, supported by resilient domestic demand. For the first ten months of the year, the trade surplus reached USD 294.9 billion, with exports totaling USD 930 billion, bringing the country close to its USD 1 trillion annual target.

Uruguay’s trade deficit narrowed to $35.3 million in September 2026, from $124.4 million a year earlier. Exports grew 7.8% year-on-year to $1.14 billion, led by an 11.5% increase in manufacturing exports. Within the sector, sales of food and beverage products rose 5.8%, tobacco product exports increased 52%, and textile product sales climbed 84.4%. Exports of primary products grew 2%, as higher sales of forestry and wood extraction products (+16.5%) offset declines in other subsectors. Meanwhile, utility exports rose 2.4%. On the import side, purchases edged down 0.6% to $1.17 billion. Imports of intermediate goods recorded the largest decline, falling 5.7%, as purchases of oil and distillates dropped 53.3%. Imports of capital goods slipped 0.8%, amid an 8.4% decline in purchases of machinery and equipment. In contrast, imports of consumer goods rose 9.9%, driven by a 28.1% increase in vehicle purchases.

Sri Lanka’s trade deficit narrowed to $731.3 million in September 2026, from $910.1 million a year earlier. Exports surged 21% year-on-year to $1.4 billion, recording the highest level on record and surpassing the previous peak of $1.3 billion reached in July 2025. Meanwhile, imports rose 2.9% to $2.1 billion, as fuel imports declined for a fifth consecutive month and imports of motor vehicles fell 34.4% to $188 million. In the first nine months of 2026, the cumulative trade deficit widened to $7.9 billion, from $5.2 billion in the corresponding period of 2025, as imports surged 21.3% to $18.67 billion. The increase was driven by a 51.5% jump in fuel purchases, which reached $4.5 billion amid rising energy prices due to the US-Iran war. Imports of motor vehicles amounted to $1.87 billion over the same period. Exports increased at a much slower pace, rising 5.3% to $10.8 billion.

South Africa's trade surplus widened to ZAR 19.8 billion in September 2026, the largest since March, from an upwardly revised ZAR 19 billion in August. Exports surged by 5.1% over a month to ZAR 190.6 billion, bolstered by higher shipments of precious metals & stones (+21%), base metals (+17%) and mineral products (+4%). Conversely, exports declined for vehicles transport & equipment (-10%) and machinery & electronics (-8%). Among key trading partners, overseas sales rose to Europe (9.9%), Asia (5%) and Africa (3.6%) but decreased to the Americas (-11.6%). Meanwhile, imports grew by 5.2% to ZAR 170.8 billion, driven by mineral products (+37%), namely petroleum oils (excluding crude) and vehicle and transport equipment purchases (+9%), of which aeroplanes. This was outweighed by declines in prepared foodstuffs (-14%), original equipment components (-10%) and machinery and electronics (-5%). Imports grew primarily from Oceania (130.7%) and Asia (17.8%), but fell from Europe (-18%).

Macau’s trade deficit widened to MOP 12.3 billion in September 2026 from MOP 10.1 billion in the same month a year earlier, as imports grew faster than exports. Imports increased 21.7% year-over-year to MOP 13.6 billion, mainly driven by imports of gold jewellery and mobile phones, which rose 48.9% and 32.5%, respectively. Macau’s imports came primarily from Hong Kong, which recorded a 24% increase, followed by Mainland China (17.5%). Meanwhile, exports rose 19.1% to MOP 1.3 billion, supported by shipments of miscellaneous manufactured articles (20.5%), machinery and transport equipment (46.2%), jewellery (85.1%), and machines and mechanical appliances, parts and accessories (24.9%). By destination, exports increased notably to Hong Kong (12.4%) and Mainland China (142.8%). For the January-September period, Macau recorded a trade deficit of MOP 98.3 billion.

The Philippines’ trade deficit widened to USD 5.2 billion in September 2026 from USD 4.7 billion a year earlier. Imports rose 25.7% year-on-year to a record USD 15.0 billion, driven by higher purchases of electronic products (+87.4%), particularly semiconductors (+144%). Arrivals also increased for mineral fuels and lubricants (+53.3%), cereals and cereal preparations (+22.8%), and telecommunications equipment (+14.2%). South Korea was the main import source, at 26.1%, followed by China (22.3%), Indonesia (6.6%), and Japan (6.3%). Exports advanced 35.6% to USD 9.9 billion, reflecting increased shipments of electronic products (+71.9%), mainly semiconductors (+86.1%) and office equipment (+89.1%). Exports also rose for gold (+24.2%) and fresh bananas (+43.2%). The US remained the top export market, accounting for 26.6% of total shipments, followed by Hong Kong (15.7%) and China (11.3%). In January-September, the trade gap widened to USD 47.2 billion from USD 37.6 billion a year earlier.