FX.co ★ Brazil Trade Surplus Misses Forecasts

Brazil's trade surplus expanded by 1.0% year-on-year to $7.07 billion in July 2026, falling short of market expectations for an $8.4 billion surplus. Exports grew 6.2% to $34.12 billion. Agricultural shipments rose 9.3%, driven by strong increases in live animals (29.9%), soybeans (17.4%), and raw cotton (27.2%). Exports from extractive industries advanced 10.8%, supported by surges in other crude minerals (55.5%), base metal ores and concentrates (101.5%), and crude petroleum (23.8%).

Manufactured goods exports increased 2.4%, bolstered by higher sales of pulp (30.8%), fuel oils excluding crude (63.0%), and vegetable fats and oils (149.5%). On the import side, total purchases rose 7.6% to $27.05 billion, reflecting a 31.4% jump in extractive industry imports and a 6.9% increase in manufactured goods imports, led by pharmaceuticals (44.1%), fuel oils (31.4%), and data processing equipment (216.7%).