Brazil’s Trade Surplus Shrinks to $17.7 Billion in First Four Months of 2025

Government data from Brazil’s Ministry of Development, Industry, Trade and Services shows the country ran a $17.73 billion trade surplus from January through April 2025, down from $26.90 billion in the same period of 2024.

Exports in the first four months totaled $107.31 billion, while imports reached $89.58 billion. In April, Brazil posted an $8.15 billion surplus, slightly below the $8.40 billion figure recorded in April 2024.

Export receipts edged up 0.3 percent year-on-year to $30.41 billion, and imports rose 1.6 percent to $22.26 billion. Across the January–April span, agricultural exports grew 2.6 percent, while manufactured-goods shipments climbed 4.1 percent and extractive-sector exports fell 13.5 percent.

Coffee exports stood out in April with shipments up 36.3 percent as prices roughly doubled, even as lower average prices for iron ore and crude oil weighed on extractive export values.

Breaking the figures down by month, Brazil logged a $1.9 billion surplus in January–February, despite softer commodity prices. In February, export volumes rose by 1.4 percent despite a 3.6 percent drop in average export prices.

At the same time, import volumes surged 20.2 percent while import prices fell 6.1 percent, driven by strong domestic demand fueled by stimulus measures and oil-platform purchases.

Brazil’s March Trade Surplus Hits Record

March marked a historic high for that month’s surplus at $8.2 billion. Exports in March rose 5.5 percent year-on-year to $29.18 billion, led by a 16 percent surge in agricultural exports and a 10.1 percent jump in manufactured-goods shipments; extractive-industry exports fell 15.3 percent.

Imports in March increased 2.6 percent to $21.02 billion. Rising imports reflect sustained consumer demand and infrastructure-related purchases, eroding part of the export-driven surplus.

Slumping commodity prices have also trimmed export values, even as volumes in leading sectors hold steady or grow. Early forecasts from the Ministry project Brazil’s full-year trade surplus in 2025 to range between $60 billion and $80 billion.

Most analysts expect it to settle near $75 billion. The narrowing first-quadrimester surplus highlights Brazil’s growing reliance on strong domestic consumption and the need to diversify its export base beyond raw materials.

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