Brazil: Merchandise trade surplus narrows more than expected in January
Latest reading: In January, the trade balance was USD +4.3 billion, following a USD +9.3 billion reading in the previous month. January’s result slightly undershot market expectations. Over the last 12 months, the trade balance summed to USD +70.1 billion.
Merchandise exports dropped 1.0% in year-on-year terms in January, coming on the back of 23.4% growth in the previous month. January’s reading was the weakest since April 2025 and driven by roughly 25% drops in exports to Argentina and the U.S. Meanwhile, goods imports fell 9.8% in annual terms in January, following a 5.6% rise in the prior month. January’s reading was the weakest since December 2023 and was the result of an over 30% decrease in extractive industry imports and a near-30% fall in agricultural and livestock imports.