Brazil Sets All-Time Export Record in April on Oil and Soy Surge
Brazil’s April export value hit $34.148 billion, the highest monthly figure ever recorded since the historical series began in 1989, with the trade surplus reaching $10.537 billion (+37.5% YoY) on the back of an oil-price surge tied to the Middle East war and a record soy harvest.
Oil-price increases pushed average crude export values up 23.7% YoY despite a 10.6% volume decline, while soybean exports rose 18.8% in value terms, contributing $1.105 billion of the YoY revenue gain, and cumulative 4-month exports of $116.552 billion (+9.2% YoY) and a $24.782 billion surplus (+43.5% YoY) confirm the structural commodity tailwind.
MDIC now projects full-year 2026 exports at $364.2 billion and a $72.1 billion surplus, with imports also hitting an April record at $23.611 billion.
Key Points
— April exports $34.148B (+14.3% YoY) — all-time monthly record since 1989 series.
— Trade surplus $10.537B (+37.5% YoY) — third-highest in any month in Brazilian history.
— Crude oil prices +23.7% YoY despite 10.6% volume decline.
— Soybean exports +18.8% YoY, contributing $1.105B of YoY gain.
— MDIC projects full-year 2026 surplus at $72.1 billion (+5.9% vs 2025).
An All-Time Monthly Record
The Rio Times, the Latin American financial news outlet, reports that the April figure released by Secex on May 7 marks the highest single-month export value in Brazilian history. Herlon Brandão, director of the Foreign Trade Statistics and Studies Department at MDIC, said the record was driven by a 6.9% rise in average export prices and a 6.9% increase in volumes on a YoY basis. Imports of $23.611 billion (+6.2% YoY) also set an April record, alongside the trade flow figure (corrente de comércio) which combined to push the overall trade surplus to its third-highest reading in any month of the historical series, only beaten by May 2023 ($10.978 billion) and March 2023 ($10.751 billion).
The cumulative four-month picture is equally strong with exports of $116.552 billion (+9.2% YoY) and a surplus of $24.782 billion (+43.5% YoY), the second-largest first-quadrimester surplus on record after Q1 2024. Sector-wise the agriculture sector grew 16.1% in April (+12.7% volume, +3.2% price), extractive industry climbed 17.9% (mostly price-driven from oil prices, with volumes only +0.6% and prices +17.2%), and the manufacturing sector rose 11.3%, with passenger vehicles up 109.9%, fuels +37.3% and refined gold +75.9% YoY.
Oil Was a Price Story, Not a Volume Story
The most striking detail in the April data is that crude oil shipment volumes actually fell 10.6% YoY, but the average export price rose 23.7% on the Iran war premium, generating a net revenue gain of $458.98 million. Oil products by value rose 10.6% YoY despite the volume decline, with extractive industry as a whole at +17.9% YoY in April, and the pattern echoes the broader LATAM commodity dynamic where oil-exporting economies are absorbing windfall gains while oil-importing peers face fiscal stress. Brazil sits firmly in the beneficiary camp on its 1.6 million-barrels-per-day export base, with Brent above $100 sustaining the price premium even as some volumes were redirected to domestic consumption.
2026 Outlook Lifted
MDIC raised its 2026 outlook in tandem with the April release, projecting full-year exports at $364.2 billion (+4.6% YoY), imports at $280.2 billion (+4.2% YoY), and a trade surplus of $72.1 billion (+5.9% vs 2025’s $68.1B). The full-year all-time surplus record remains $98.9 billion set in 2023 amid a different commodity-cycle peak. Beef exports rose 29.4% YoY in April with several sub-segments deepening (frozen +44%, refrigerated +12%) while cotton (+43.7%), iron ore (+19.5%), copper concentrates (+55%) and pumps and compressors (+321.5%) also led, although exports to the United States remained 18% lower YoY across the four-month accumulation, with monthly US exports recovering above $3 billion for the first time in 2026.
| Indicator | April 2026 | YoY change |
|---|---|---|
| Total exports | $34.148B | +14.3% |
| Total imports | $23.611B | +6.2% |
| Trade surplus | $10.537B | +37.5% |
| Soy exports | $1.105B gain | +18.8% |
| Crude oil exports | $458.98M gain | +10.6% value |
| Crude oil prices | +23.7% | vol -10.6% |
| Iron ore | +19.5% | value |
| Copper concentrates | +55% | value |
| Beef exports | +29.4% | fresh/frozen |
| Cumulative 4M exports | $116.552B | +9.2% |
| Cumulative 4M surplus | $24.782B | +43.5% |
| 2026 forecast surplus | $72.1B | +5.9% vs 2025 |
Connected Coverage
For more on the LATAM commodity divide and oil-cycle effects, see how Peru faces the mirror image with Petroperu refinery shutdowns and how Chile’s April exports rose 7% with copper stalling and lithium surging.
What Happens Next
- Coming weeks: May data release will test whether the oil price premium sustains as Brent dynamics evolve.
- July 2026: MDIC to publish updated quarterly forecasts for full-year exports and surplus.
- End-2026: 2023 record of $98.9B surplus remains the all-time benchmark to beat.
Frequently Asked Questions
What did Brazil’s April export data show?
April 2026 exports reached $34.148 billion (+14.3% YoY), the highest monthly figure ever recorded since the historical series began in 1989. Imports also set an April record at $23.611 billion (+6.2% YoY), pushing the trade surplus to $10.537 billion (+37.5% YoY), the third-largest in any month behind May 2023 and March 2023, and the result was driven by a 6.9% rise in average export prices and a 6.9% increase in volumes. Sectoral growth came in at 16.1% for agriculture, 17.9% for extractive industry on oil-price gains, and 11.3% for manufacturing YoY.
What role did oil play in the rebound?
Crude oil shipment volumes fell 10.6% YoY in April, but the average export price rose 23.7% on the Iran war premium, with Brent above $100 per barrel and the net oil contribution to YoY revenue gain at $458.98 million. Refined fuels rose 37.3% in value terms while extractive industry as a whole climbed 17.9% YoY, with oil the second-largest single contributor after soybeans at $1.105 billion. The pattern reinforces Brazil’s positioning as an oil-cycle beneficiary at 1.6 million-barrels-per-day export base, in contrast to oil-importing peers such as Peru that face fiscal stress.
Which products led the surge?
Soybeans led at +18.8% YoY contributing $1.105 billion to the YoY gain, followed by crude oil at +10.6% in value contributing $458.98 million. Other strong performers included cotton (+43.7%), iron ore (+19.5%), copper concentrates (+55%), live animals (+148.4%), fresh and frozen beef (+29.4%), unrefined gold (+75.9%), passenger vehicles (+109.9%), refined fuels (+37.3%) and pumps and compressors (+321.5%). The breadth of contributors confirms the structural commodity tailwind, although exports to the United States remained 18% below 2025 across the four-month period.
What is the 2026 outlook?
MDIC projects 2026 total exports at $364.2 billion (+4.6% YoY), imports at $280.2 billion (+4.2% YoY) and a trade surplus of $72.1 billion (+5.9% vs 2025’s $68.1 billion). The cumulative four-month figures already point to upside, with exports of $116.552 billion (+9.2% YoY) and a $24.782 billion surplus (+43.5% YoY), the second-largest first-quadrimester surplus on record. Updated official projections are scheduled for July 2026, while the all-time annual surplus record of $98.9 billion (set in 2023) remains the benchmark for any upside revision.
Updated: 2026-05-08T18:00:00Z by Rio Times Editorial Desk
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