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Macro EconomyMediumUpdated×2•Originally published 7 November 2026•Updated 7 November 2026•
3 min read

Brazil’s Trade Surplus Reaches $9.32 Billion in October, Driven by Record Oil Exports

Map of Brazil with flag, oil rig, cargo ship, and rising golden bar chart on a yellow background.

Key Facts

1Brazil’s trade surplus reached $9.32 billion in October 2026.
2Exports totaled $37.81 billion, up 20% year on year, while imports reached $28.49 billion, up 14.8%.
3The value of oil exports rose to $8.5 billion, up 122.6% year on year.
4Crude oil exports reached 14.49 million tonnes in October, exceeding September’s 11.7 million tonnes.

Brazil posted a trade surplus of $9.32 billion in October 2026, with total trade reaching $66.3 billion, according to the Ministry of Development, Industry, Trade and Services. The surplus was higher than the $9.05 billion forecast in a Reuters poll. Exports totaled $37.81 billion, up 20% from October 2025, while imports reached $28.49 billion, up 14.8% year on year. Exports recorded their highest monthly value in the historical series, according to ministry data and Reuters reports. The wider surplus reflected faster growth in exports than imports during the month.

Extractive industries led export growth, with shipments rising 53.5% year on year in October, compared with growth of 12.8% in agricultural exports and 7.7% in manufacturing exports, according to ministry data. Crude oil was the main driver of that performance, with export value reaching $8.5 billion, up 122.6% from October 2025. Exported oil prices also rose 36.7% year on year. The ministry’s director of foreign trade statistics and studies said crude oil shipment volumes increased 63%, alongside prices above their level a year earlier. The combination of higher volumes and prices pushed the value of oil exports higher.

Crude oil exports totaled 14.49 million tonnes in October, setting a record for a second consecutive month, according to data reported by Reuters from Brazil’s foreign trade agency. The volume exceeded September’s 11.7 million tonnes. Across total exports, average prices for exported products rose 10.8% year on year, while export volumes increased 7.3%. These indicators show that growth in the overall value of exports was linked to increases in both prices and volumes, with oil posting the sharpest rise among the sectors cited. Imports, meanwhile, rose 14.8% year on year to $28.49 billion, alongside stronger export growth.

Export performance coincided with a shift in the distribution of destinations between the United States and China. The U.S. share of Brazilian exports rose to 11.4% in October 2026, from 7.3% in the same month of 2025. China’s share, by contrast, fell to 22.7% from 28.8% over the comparison period. A ministry official said oil shipments accounted for most of the growth in sales to the United States and the European Union. The official added that lower sales to China were affected by its beef quota being exhausted, while oil remained the main factor behind higher sales to the other markets cited.

In the first ten months of 2026, the cumulative trade surplus reached $71.04 billion, according to ministry data. That balance provides context for October’s $9.32 billion surplus, in a month when total trade reached $66.3 billion. The Brazilian Institute of Geography and Statistics is scheduled to publish the October 2026 IPCA consumer price index on November 12. The Ministry of Development, Industry, Trade and Services has also set November 9 for publication of preliminary weekly data for the period from November 1 to 8. Preliminary data for November 9 to 15 are due on November 16, according to the ministry’s schedule.