Overview
- Full-year exports reached a record US$348.7 billion (+3.5%) and imports hit a record US$280.4 billion (+6.7%), lifting total trade to an all-time high of US$629.1 billion.
- The annual surplus declined 7.9% from 2024 to the third-largest on record, reflecting faster import growth alongside resilient export volumes.
- Sales to the United States fell 6.6% to about US$37.7 billion after a tariff package that included a Brazil-specific 50% rate announced for August and later partial reductions in November.
- Export gains to other markets helped offset U.S. losses, with China up 6% to roughly US$100.0 billion, the European Union up 3.2%, and Argentina up 31.4%.
- December posted a record monthly surplus of US$9.633 billion, and Secex now projects a 2026 trade surplus in the US$70–90 billion range.