Rio de Janeiro Posts $11.8bn Trade Surplus as Oil Powers Exports

Brazil · Markets

The latest Rio de Janeiro trade figures show the state running one of Brazil’s largest surpluses, built almost entirely on oil, and they have roughly doubled in the space of a year.

A surplus that doubled in a year

The state of Rio de Janeiro, home to Brazil’s offshore oil heartland, sold far more to the world than it bought in the first five months of 2026. Official federal trade data show a surplus of 11.8 billion dollars between January and May.

That is a striking jump from a year earlier, when the same period produced a surplus of 5.4 billion dollars. In other words, the gap between what Rio exports and what it imports has more than doubled in twelve months.

The momentum points to another strong year for the state. Rio closed 2025 with a full-year surplus of about 17.8 billion dollars, and the early-2026 pace suggests it could push past that mark.

The numbers come from Comex Stat, the official trade database run by Brazil’s development and trade ministry. Total two-way trade for the state reached 32.3 billion dollars, made up of 22.1 billion in exports and 10.2 billion in imports.

The pace has been building through the year. Through April the surplus stood at 9.8 billion dollars, so May alone added roughly two billion more to the running total.

What the Rio de Janeiro trade numbers reveal about oil

Behind the headline figure sits a single dominant force: crude oil. Petroleum and its products made up 77.3 percent of the state’s exports, worth 17.1 billion dollars over the five months.

No other sector comes close. Steel, the second-largest export category, brought in about 789.9 million dollars, a small fraction of the oil total.

Rio’s heavy industry still matters, even so. The state hosts one of Brazil’s biggest port complexes and a cluster of steel and shipbuilding activity that handles high-value goods alongside the crude.

For a foreign reader, the takeaway is simple. Rio de Janeiro is not a diversified exporter that happens to ship some oil; it is an oil economy with a few extras attached.

Punching above its weight nationally

Rio is one state among 27, yet it carries an outsized share of Brazil’s foreign trade. Between January and May it accounted for 15 percent of everything the country exported and 8.8 percent of what it imported.

That concentration flows from geography. The waters off Rio hold the bulk of Brazil’s prized pre-salt oil fields, the deep-sea deposits that have turned the country into a major crude exporter over the past decade.

Those fields keep ramping up output, and the rising volumes feed straight into the export figures. The result is a state whose trade profile looks less like a diversified regional economy and more like that of a petro-exporter.

China leads the buyers

The list of trading partners underlines where the oil is going. China was comfortably the state’s largest partner, with two-way trade of 11.4 billion dollars.

The United States followed at 3.5 billion dollars, then South Korea at 3.1 billion. India, Spain and Singapore also ranked among Rio’s busier markets, a spread of buyers that reflects how globally traded crude oil has become.

China’s lead has widened as Brazilian crude increasingly heads east. Asian demand has become the main outlet for the country’s oil, and Rio’s fields sit at the centre of that flow.

The reward and the risk

A surplus this large brings real money into the state, helping fund public budgets through royalties and supporting jobs across the supply chain. It also strengthens Brazil’s wider external accounts at a time of global uncertainty.

Those oil royalties matter well beyond the export ledger. Across Brazil, royalties and special participation payments tied to production reached around 81 billion reais in 2025, and Rio de Janeiro is one of the largest single recipients, with states and municipalities taking the bigger share.

The flip side is exposure. With more than three-quarters of exports tied to one product whose price swings with distant events, Rio’s trade fortunes can turn quickly if oil markets cool, which is why officials keep talking about diversifying the export base.

State officials have repeatedly said they want to broaden what Rio sells abroad and attract fresh investment beyond energy. For now, though, the data describe an economy whose external success rises and falls with a single barrel of crude.

Frequently Asked Questions

How big was Rio de Janeiro’s trade surplus in early 2026?

The state recorded a surplus of 11.8 billion dollars between January and May 2026. Exports reached 22.1 billion dollars and imports 10.2 billion, according to the federal Comex Stat database.

Why is oil so dominant in the figures?

The offshore fields near Rio hold most of Brazil’s pre-salt oil reserves. Crude and petroleum products made up 77.3 percent of the state’s exports, far ahead of steel in second place.

Who buys the most from Rio de Janeiro?

China is the leading partner, with 11.4 billion dollars in two-way trade. The United States and South Korea follow, with India, Spain and Singapore also among the larger markets.

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