Overview

• MDIC data show Brazil’s August exports to the U.S. fell 18.5% year over year, with sector drops of 23% to 100% and no iron ore sales recorded.
• Overall exports rose 3.9% in August and the trade surplus reached US$6.13 billion, supported by redirection to China (+29.9%) and Mexico (+43.8%).
• The OECD’s interim outlook raises 2025 global growth to 3.2% but says tariff effects are not fully felt as companies run down inventories and higher rates take hold.
• Domestic strains are emerging in supply chains and B2B credit, with reports of delayed payments and tighter cash flow among exposed firms.
• Brasília announced a R$30 billion contingency credit program via BNDES, and companies are pursuing market diversification and contract revisions to manage the shock.