Brazil Posts $6.96 Billion October Trade Surplus as U.S.-Bound Exports Plunge 38%

Overview

• Exports reached $31.98 billion in October, imports were $25.01 billion, and the $6.96 billion surplus was the second-strongest October in the series.
• Shipments to the United States fell 37.9% to $2.21 billion, yielding a $1.76 billion monthly deficit, as the U.S. share of Brazil’s exports slid to 6.9% from 12.2%.
• Brazil’s balance with the United States shows a roughly $7 billion deficit from January to October, with U.S. imports into Brazil up 9.6% year over year in October.
• Stronger sales to China (+33.4%) and wider gains across Asia and Europe helped offset the U.S. decline, led by soy, iron ore, crude oil and beef.
• MDIC’s Herlon Brandão reported accelerating drops in U.S. sales since August (−16.5%, −20.3%, −37.9%) and noted declines in non-tariffed items like fuel oil and cellulose, indicating softer U.S. demand.