Brazil recorded a US$7.74 billion trade surplus in September, even as talks with Washington over tariffs on Brazilian goods remained unresolved. The surplus rose 146.4% from September 2025, the trade ministry said Tuesday, October 6. Trade expanded despite a 25% U.S. tariff on most Brazilian goods that took effect in July.
Exports increased 12.9% to US$34.42 billion. Imports fell 2.4% to US$26.68 billion, pushing the combined value of exports and imports up 5.6% to US$61.10 billion. Secex, the foreign trade secretariat within the Ministry of Development, Industry, Trade and Services (MDIC), released the figures.
Trade under the tariff dispute
Brazilian exports to the United States rose 31.9% in September, reaching US$3.52 billion, compared with US$2.67 billion a year earlier. Brazil still recorded a US$0.91 billion trade deficit with the United States for the month because imports from that country exceeded exports.
The Office of the U.S. Trade Representative (USTR), the White House trade agency, imposed a 25% tariff on most Brazilian goods under Section 301, a U.S. law addressing unfair trade practices. The measure took effect Wednesday, July 22, 2026. USTR exempted beef, orange juice, aircraft and parts, and energy products, among others.
The tariff followed earlier U.S. duties of up to 50% on many Brazilian goods, imposed in mid-2025 under emergency powers. The U.S. Supreme Court ruled those emergency tariffs unlawful in February 2026, g1 reported. Brazil is also contesting a separate 12.5% duty linked to forced-labour enforcement, according to g1.
Brazil opened a process under its Reciprocity Law in August that could allow retaliation against U.S. goods, g1 reported. No retaliatory measures have been announced. The ministry didn’t specify how much of September’s export increase to the United States reflected the lower tariff rate, oil prices or one-off shipments.
Where exports grew and fell
Extractive-industry exports rose 39.8% to US$9.44 billion. Crude oil sales increased 77.3%, while copper ore sales gained 74.2%. Agricultural exports rose 4.8% to US$7.00 billion, including an 11.9% increase in soy exports and an 8.7% rise in unroasted coffee.
Manufactured goods, Brazil’s largest export category, increased 5.3% to US$17.67 billion. Soymeal, fuel oil and gold led the category. Other major exports declined: iron ore fell 20.5%, fresh or frozen beef dropped 30.6%, sugar fell 24.9%, corn declined 17.0% and passenger cars fell 34.3%.
Trading partners and outlook
China remained Brazil’s largest customer, although September sales there fell 7.6% to US$7.89 billion. Brazil posted a US$0.83 billion surplus with China. Sales to the European Union rose 60.1% to US$6.95 billion, while exports to Argentina fell 25.2% to US$1.36 billion.
From January through September, exports totaled US$284.65 billion, up 10.4%, and imports reached US$222.26 billion, up 5.0%. The nine-month surplus was US$62.40 billion, 34.8% higher than a year earlier. Over that period, exports to China rose 12.0% to US$84.68 billion, while exports to the United States fell 6.5% to US$27.46 billion. Brazil’s U.S. trade deficit reached US$4.33 billion.
MDIC lowered its 2026 trade-surplus forecast to US$84.4 billion from US$90.0 billion and cut projected exports to US$382.5 billion from US$394.4 billion. The ministry didn’t explain the forecast reductions. It reported a US$68.1 billion surplus in 2025. The next trade release is due Tuesday, October 13. Trade surpluses bring dollars into Brazil, supporting the real and the country’s ability to pay foreign debt.