Overview

• Brazil recorded a US$2.99 billion trade surplus in September, down 41.1% year over year, with exports at a record US$30.53 billion and imports at US$27.54 billion.
• MDIC’s Herlon Brandão attributed the import surge partly to a one‑off US$2.4 billion oil platform purchased from Singapore.
• Exports to the United States dropped 20.3% to US$2.58 billion in the second month of the 50% surcharge, while Brazilian imports from the U.S. rose 14.3%, leaving a US$1.77 billion bilateral deficit.
• Shipments were redirected to other buyers, with sales to China up 14.7% and exports to Argentina roughly 24.9% higher.
• Presidents Luiz Inácio Lula da Silva and Donald Trump held a 30‑minute call, and Secretary of State Marco Rubio will negotiate with Geraldo Alckmin, Fernando Haddad and Mauro Vieira as MDIC lifts its 2025 surplus forecast to US$60.9 billion.