Brazil: Merchandise trade surplus widens in March
Latest reading: In March, the trade balance was USD +6.4 billion, up from a USD +4.0 billion figure in the previous month but undershooting market expectations. Over the last 12 months, the trade balance summed to USD +72.6 billion.
Merchandise exports increased 10.0% in annual terms in March, following a 15.2% increase in the prior month; exports to Argentina and the U.S. fell in March, but were up to China and the EU. Goods imports were up 20.1% in annual terms in March, following a 4.5% decline in the prior month. March’s reading was the strongest since February 2025. Imports for the extractive industry—base metal ores, coal and crude oil—and manufacturing rose, while agricultural imports decreased.