Overview

• Brazil posted a September surplus of US$2.99 billion, down 41% year over year and the smallest for the month since 2015, according to MDIC/Secex.
• Overall exports reached a record US$30.53 billion for September (+7.2%), while imports rose 17.7% on the delivery of a US$2.4 billion oil platform from Singapore.
• Sales to the United States fell 20.3% to about US$2.58 billion as the 50% tariff package took hold, and imports from the U.S. rose 14.3%, leaving a US$1.77 billion monthly deficit with that market.
• Higher shipments to China (including Hong Kong and Macau) rose 14.7% and to Argentina 24.9%, with agriculture and mining helping offset U.S. losses.
• Brazilian officials warned U.S.-bound exports may stay weak under current duties, and the MDIC raised 2025 projections to US$344.9 billion in exports and a US$60.9 billion trade surplus.