Brazil Trade Surplus Beats Expectations

Brazil posted a trade surplus of USD 2.99 billion in September 2025, down from August’s USD 5.86 billion, but beating expectations for 2.65 billion surplus. Exports rose 7.2% year-on-year to USD 30.53 billion, driven by a 2.5% increase in manufacturing, a 9.2% gain in extractive industries, and an 18.0% rise in agriculture. Imports climbed 17.7% to USD 27.54 billion, led by a 21.5% increase in manufacturing and a 3.5% rise in agriculture, while extractive-industry imports dropped 26.1%. Among key trading partners, exports to Argentina surged 24.9% while imports fell 2.8%, generating a surplus of USD 580 million. Exports to China, Hong Kong and Macau increased 14.7% while imports rose 9.0%, producing a surplus of USD 2.31 billion. Sales to the US fell 20.3%, and were outpaced by a 14.3% rise in imports, resulting in a deficit of USD 1.77 billion. Cumulatively, from January to September 2025, exports grew 1.1% while imports jumped 8.2%, leading to a trade surplus of USD 45.48 billion.