Brazil’s trade balance posts fourth-best result for February
Benefiting from a drop in imports and growth in oil sales, Brazil’s trade balance recorded the fourth-largest surplus for February since records began, the Ministry of Development, Industry, Trade and Services announced on Thursday (Mar. 5).
Last month, exports exceeded imports by USD 4.208 billion, compared with a deficit of USD 467 million in the same month of 2025. The deficit was due to the import of an oil platform.
The trade balance result for February was surpassed only in 2024 (a record surplus of USD 5.13 billion), 2022, and 2017.
The values of exports and imports were as follows:
Exports: USD 26.306 billion, up 15.6 percent compared with February of last year;
Imports: USD 22.098 billion, down 4.8 percent in the same comparison.
Cumulative results
In the first two months of the year, the trade balance registered a surplus of USD 8.023 billion. This value is 329 percent higher than in the same period last year, influenced by the import of an oil platform, and is the second highest for the period, surpassed only by January and February of 2024.
The composition was as follows:
Exports: USD 50.922 billion, up 5.8 percent compared with the same period last year;
Imports: USD 42.898 billion, down 7.3 percent compared with the same period last year.
Products
The main products responsible for the increase in exports in January were the following:
• Agriculture: soybeans (+15.5%); fresh or dried non-oilseed fruits and nuts (+33.9%); and unmilled corn (+8%);
• Extractive industry: crude petroleum oils (+76.5%); iron ore and concentrates (+20.9%); and copper ores and concentrates (+131.2%);
• Manufacturing industry: beef (+41.8%); semi-finished iron or steel products (+89.7%); and non-monetary gold, excluding gold ores (+71.9%).
Crude oil exports increased by USD 1.622 billion compared with February 2025. Traditionally, oil sales show strong monthly variations due to scheduled platform maintenance.
As for imports, the decrease is linked to lower natural gas purchases and the economic slowdown, with a reduction in investment. The main products affected by category are:
· Agriculture: unmilled wheat and rye (-65.5%); and latex and natural rubber (-38.9%);
· Extractive industry: natural gas (-50.8%); and other mineral ores (-15.8%);
· Manufacturing industry: non-electric motors and machinery (-70.5%); platforms and vessels (-8.3%); and insecticides (-44.5%).
