Brazil’s April Trade Surplus Hits Record US$10.5B as US Exports Fall
Brazil posted a record April trade surplus of US$10.537 billion in 2026, up 37.5% year-on-year and the highest April reading since the historical series began in 1989, with exports surging 14.3% to US$34.148 billion (also a record) and imports rising 6.2% to US$23.611 billion.
China deepened its position as Brazil’s top trading partner with 32.5% growth in Brazilian shipments to US$11.61 billion, while exports to the United States contracted 11.3% under Trump tariffs and EU exports fell 1.7%.
The four-month accumulated surplus reached US$24.782 billion (+43.5% YoY) and the MDIC projects a US$72.1 billion full-year 2026 surplus.
Key Points
— April 2026 trade surplus: US$10.537B (+37.5% YoY), highest April since 1989.
— Exports US$34.148B (+14.3%); Imports US$23.611B (+6.2%).
— China exports +32.5% to US$11.61B; US exports -11.3%; EU -1.7%.
— Soy led at US$6.96B (+18.8%); oil +10.6% on price (volume -10.6%).
— MDIC 2026 full-year forecast: US$72.1B surplus on US$364.2B exports.
The April Headline
The Rio Times, the Latin American financial news outlet, reports that Brazil’s April 2026 trade surplus of US$10.537 billion marks the strongest April since the historical series began in 1989, with year-on-year growth of 37.5% versus the US$7.664 billion print of April 2025 and a beat of MDIC expectations near US$10.9 billion. Trade flow (exports plus imports) reached US$57.76 billion (+10.8%), with both export and import readings hitting absolute April records. The result is structurally driven by commodities and Asia demand, with the four-month accumulated surplus of US$24.782 billion (+43.5% YoY) suggesting Brazil is on track to surpass last year’s full-year balance.
Sectoral exports rose across the board with agriculture +16.1%, extractive industry +17.9%, and transformation industry +11.6%. Soy contributed an additional US$1.105 billion versus April 2025, supported by the 2026 harvest cycle and rising global prices, while crude oil added US$458.98 million as the 17.2% price gain (driven by Middle East tensions) more than offset a 10.6% volume decline. Other notable products included cotton (+43.7%), iron ore (+19.5%), beef (+29.4%), and non-monetary gold (+75.9%); coffee was the notable laggard, with exports falling 14.2% (US$177.44 million below April 2025).
The US Tariff Drag
Brazilian exports to the United States contracted 11.3% in April, with imports from the US falling even more sharply at 18.1% to US$3.1 billion, as Trump tariffs continued to depress bilateral flows despite the partial late-2025/early-2026 rollback that replaced the broader tariffaço with a roughly 10% global rate (steel and aluminum still elevated). The four-month US export decline of 16.7% confirms the structural shift, with Argentina also down 18.4% on broader regional weakness. China and the European Union absorbed the diversion, with the May 7 Lula-Trump 30-day tariff working group now setting the bilateral tone heading into June.
Live Market IntelligenceBrazil — Live Market Board
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Brazil — Live Market Board
-0.35%
172,758.89
-0.35%
66,125.27
-0.74%
10,877.68
-0.18%
3,281,489
+1.79%
2,309.56
+0.49%
56,620.35
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 172,758.89 | -0.35% | +28.42% | 173,371.35 | 173,720 | 172,219 | — |
| USD/BRL | 5.08 | -0.26% | -8.98% | 5.09 | 5.09 | 5.07 | — |
| SELIC | 14.25% | — | — | — | — | — | |
| PETR4 | 41.50 | +0.85% | +33.85% | 41.15 | 41.67 | 41.13 | 12,654,200 |
| VALE3 | 71.92 | -0.01% | +28.28% | 71.93 | 72.97 | 71.57 | 5,504,500 |
| ITUB4 | 42.23 | -0.17% | +22.57% | 42.30 | 42.53 | 42.18 | 3,220,300 |
| BBDC4 | 18.42 | +0.05% | +17.35% | 18.41 | 18.54 | 18.35 | 5,213,600 |
| BBAS3 | 20.21 | +0.20% | +1.86% | 20.17 | 20.29 | 20.08 | 4,115,300 |
| B3SA3 | 14.98 | -1.83% | +14.27% | 15.26 | 15.32 | 14.98 | 7,282,300 |
| ABEV3 | 15.75 | -0.25% | +17.51% | 15.79 | 15.88 | 15.74 | 3,846,400 |
| WEGE3 | 42.72 | -0.95% | +1.76% | 43.13 | 43.34 | 42.64 | 2,351,400 |
| PRIO3 | 58.87 | +2.05% | +37.68% | 57.69 | 58.96 | 58.11 | 1,674,200 |
| SUZB3 | 41.76 | -0.31% | -18.10% | 41.89 | 41.90 | 41.59 | 459,400 |
| RENT3 | 36.68 | -2.16% | +2.35% | 37.49 | 37.51 | 36.62 | 1,647,900 |
| AZZA3 | 17.58 | -3.25% | -50.52% | 18.17 | 18.27 | 17.57 | 599,200 |
| CSNA3 | 5.11 | +0.79% | -36.42% | 5.07 | 5.16 | 5.05 | 3,312,700 |
| GGBR4 | 23.59 | -0.13% | +42.06% | 23.62 | 23.77 | 23.42 | 1,071,100 |
| ENEV3 | 25.16 | -1.91% | +82.83% | 25.65 | 25.66 | 25.12 | 925,900 |
Imports and Outlook
Imports rose 6.2% in April, led by vehicles +US$654.33 million (passenger cars +109.9%) plus soy (+165.3%) and fuels (+37.3%); the agriculture import basket fell 25.8% in April while transformation industry +7.4% and extractive +0.4% climbed. The MDIC’s full-year 2026 forecast points to a US$72.1 billion surplus on US$364.2 billion of exports and US$280.2 billion of imports, with Brazilian Real-denominated currency dynamics and global commodity prices remaining the swing variables. The data confirms that the structural shift toward China is accelerating even as Brazil works to repair the US trade channel through the Lula-Trump 30-day working group.
| Indicator | April 2026 |
|---|---|
| Trade surplus | US$10.537B (+37.5% YoY) |
| Exports | US$34.148B (+14.3% YoY) — record |
| Imports | US$23.611B (+6.2% YoY) |
| Trade flow | US$57.76B (+10.8%) |
| China exports | +32.5% to US$11.61B |
| US exports | -11.3% |
| EU exports | -1.7% |
| Top product (soy) | US$6.96B (+18.8%) |
| YTD surplus (4 months) | US$24.782B (+43.5%) |
| 2026 full-year forecast | US$72.1B surplus |
Connected Coverage
For broader US-Brazil trade and supply-chain context, see our coverage of the Lula-Trump White House meeting and the 30-day tariff working group and our analysis of Brazil’s Critical Minerals Policy approval ahead of the Lula-Trump meeting.
What Happens Next
- Around June 6, 2026: Lula-Trump 30-day tariff working-group deadline.
- Watch: next May trade balance reading and whether US export decline accelerates.
- 2026 trajectory: MDIC sees US$72.1B full-year surplus; China share keeps growing.
Frequently Asked Questions
What was Brazil’s April trade balance?
Brazil’s April 2026 trade surplus reached US$10.537 billion, up 37.5% year-on-year versus the US$7.664 billion of April 2025, marking the highest April reading since the historical series began in 1989. Exports rose 14.3% to US$34.148 billion and imports rose 6.2% to US$23.611 billion, both absolute April records. The four-month accumulated surplus of US$24.782 billion is up 43.5% YoY, with the MDIC projecting a US$72.1 billion full-year 2026 surplus.
How much did US exports fall?
Brazilian exports to the United States contracted 11.3% in April 2026, with imports from the US falling 18.1% to US$3.1 billion, as Trump tariffs continued to depress bilateral flows despite the late-2025/early-2026 partial rollback that replaced the broader tariffaço with a 10% global rate (steel and aluminum still elevated). The four-month US export decline of 16.7% confirms the structural shift, with the May 7 Lula-Trump White House meeting opening a 30-day tariff working group expected to deliver a bilateral proposal around June 6.
Which products led the surplus?
Soy led April exports at US$6.96 billion (+18.8% YoY), contributing an additional US$1.105 billion supported by the 2026 harvest cycle and rising global prices. Crude oil added US$458.98 million as the 17.2% price gain (driven by Middle East tensions) more than offset a 10.6% volume decline. Other notable winners: cotton (+43.7%), iron ore (+19.5%), beef (+29.4%), and non-monetary gold (+75.9%); coffee fell 14.2% (US$177.44M below April 2025).
Who is Brazil’s top trade partner?
China remains Brazil’s largest trading partner, with Brazilian exports growing 32.5% in April 2026 to reach US$11.61 billion, while exports to the United States fell 11.3% and to the European Union by 1.7%. Argentina also weakened with imports from Brazil down 18.5% to US$1.3 billion in absolute terms. The four-month YTD picture confirms the structural shift: China exports +25.4%, EU +6.5%, US -16.7%, Argentina -18.4%.
Updated: 2026-05-08T08:45:00Z by Rio Times Editorial Desk
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