Overview

• September’s surplus was the smallest for the month in a decade, down 41.1% year over year, with exports at $30.5 billion and imports at $27.5 billion.
• Exports to the United States fell 20.3% to $2.576 billion while imports from the U.S. rose 14.3%, leaving Brazil with a $1.77 billion U.S. trade deficit for the month.
• Exports to China increased 14.7% to $8.691 billion, underscoring a shift in sales toward Asia as U.S.-bound shipments declined.
• Overall imports jumped 17.7% year over year, boosted by the $2.4 billion purchase of an oil platform from Singapore that Secex officials said weighed on the monthly balance.
• Presidents Luiz Inácio Lula da Silva and Donald Trump held a roughly 30‑minute videoconference as talks advance with U.S. negotiator Marco Rubio, and Secex raised the 2025 export forecast to $344.9 billion while warning that continued tariffs would further curb U.S. sales.