Brazil: Trade Surplus Exceeds Expectations.

Brazil recorded a trade surplus of USD 6.96 billion in October 2025, up 70.2% year-on-year and above both September’s USD 2.99 billion and market expectations of USD 6.2 billion. Exports rose 9.1% to USD 31.98 billion, amid a 21% rise in agriculture and a 22% increase in extractive industries, while manufacturing exports grew 0.7%. Imports fell 0.8% to USD 25.01 billion, as a 30.1% drop in extractive industry purchases offset higher inflows of manufacturing goods, up 1%, and agricultural products, up 3.5%. Brazil posted a USD 2.77 billion surplus with China, USD 400 million with Argentina, and USD 200 million with the EU, while running a USD 1.76 billion deficit with the US.