Brazil recorded a $2.99 billion trade surplus in September, surpassing the $2.65 billion forecast in a Reuters poll, according to official data reported Monday. The Latin American giant also revised its full-year 2025 trade surplus estimate upward.
The Ministry of Development, Industry, Trade and Services raised the projected trade surplus for 2025 from $50.4 billion to $60.9 billion, citing a drop in expected imports from $291.5 billion to $284 billion. Export projections were slightly increased from $341.9 billion to $344.9 billion.
Despite high interest rates aimed at curbing inflation, Brazil’s economy continued to show resilience. Imports rose 17.7% year-on-year to $27.5 billion, while exports grew 7.2% to $30.5 billion, supported by higher shipments of crude oil, iron ore, soybeans, corn, coffee, and beef.
Trade with the U.S., Brazil’s second-largest partner, fell 20.3% to $2.6 billion following increased tariffs in August. In contrast, exports to China rose 14.7%, while shipments to Argentina and Mexico increased 24.9% and 9.1%, respectively.
The U.S. had raised tariffs on most Brazilian goods from 10% to 50%, citing actions against former President Jair Bolsonaro. On Monday, Brazilian President Luiz Inacio Lula da Silva spoke with former U.S. President Donald Trump, urging the removal of the tariffs and sanctions affecting Brazilian officials.
