Brazil Posts $6.96 Billion October Trade Surplus as Exports Pivot From U.S.

Overview

• Exports reached $31.98 billion against $25.01 billion in imports, producing a $6.96 billion surplus, up 70.2% from October 2024.
• Shipments to the United States fell 37.9% in October after declines of 18.5% in August and 20.3% in September tied to new U.S. duties.
• The U.S. imposed a headline 50% tariff starting August 6, though 694 Brazilian products were excluded from the full rate, covering 43% of 2024 export value to the U.S.
• Brazil ran a $1.76 billion trade deficit with the U.S. in October, with $2.21 billion in exports and $3.97 billion in imports, and logged a year-to-date bilateral deficit just over $7 billion, more than quadruple the year-earlier level.
• Exports expanded to alternative markets, including China (+33.4% or +$9.2 billion), Singapore (+8.0% or +$2.5 billion), India (+2.3% or +$726 million), Argentina (+5.1% or +$1.6 billion) and Spain (+1.1% or +$5.7 billion), while year-to-date totals reached $289.7 billion in exports, $237.3 billion in imports and a $52.4 billion surplus on $527.1 billion in trade.