Brazil Posts $4.2B Trade Surplus in February as Oil Exports Jump

Brazil posted a trade surplus of $4.2 billion in February 2026, according to data released on March 5 by the Ministry of Development, Industry, Trade and Services. The figure marks the largest February surplus since 2024, when the country recorded $5.13 billion, and contrasts sharply with the $467 million trade deficit recorded in February 2025.

According to reports from G1 and the O Estado de S. Paulo, the February surplus resulted from $26.306 billion in exports and $22.098 billion in imports.

Oil Exports Lead Brazil's Export Growth

Brazil's export performance in February was largely driven by a surge in oil shipments. Analysts expect oil prices to rise further in March due to escalating conflicts in the Middle East.

Exports of crude oil reached $3.7 billion, up 76.5% year-on-year. Other major export products also recorded notable gains:

• Soybeans: $2.93 billion, up 15.5%

• Iron ore: $2.09 billion, up 20.9%

• Beef: $1.33 billion, up 41.8%

• Green coffee: $1.02 billion, down 1.1%

• Poultry and offal: $856 million, up 9.8%

Imports Decline Amid Lower Capital Goods Demand

On the import side, Brazil saw a significant reduction in purchases of capital goods and intermediate products, contributing to the overall trade surplus.

U.S. Tariffs Continue to Impact Bilateral Trade

Brazil's key trading partners include China, the European Union, the United States, and Argentina.

Trade with the United States continued to weaken amid tariff pressures. Brazilian exports to the U.S. fell to $2.52 billion in February, down 20.3% from $3.17 billion in the same period last year.

The decline marks the seventh consecutive month of falling exports since the administration of Donald Trump imposed 50% tariffs on Brazilian products in mid-2025.

Brazilian imports from the United States also declined, dropping to $2.79 billion from $3.33 billion a year earlier, a decrease of 16.5%. As a result, Brazil recorded a $265 million trade deficit with the United States in February 2026.

Brazil Expands Trade with Other Markets

Despite reduced trade with the United States, Brazil has offset the impact by expanding exports to other markets, including China, Mexico, the European Union, and the Middle East. These efforts helped stabilize the country's trade balance while U.S. tariffs remained in effect for most of February.

Trade with China Surges

In February 2026, Brazilian exports to China surged 38.7% year-on-year to $7.22 billion, compared with $5.206 billion in February 2025.

Imports from China, however, fell 31.3%, totaling $5.494 billion, down from $7.978 billion a year earlier. As a result, Brazil recorded a $1.73 billion trade surplus with China in February.

Trade with the European Union

Brazil's exports to the European Union increased 34.7% to $4.232 billion in February 2026, compared with $3.141 billion in the same month of 2025.

Imports from the bloc declined 10.8% to $3.301 billion, down from $3.7 billion a year earlier, resulting in a $931 million trade surplus with the European Union.

Trade with Argentina

Trade with Argentina declined on both sides. Brazilian exports fell 26.5% to $1.057 billion, while imports dropped 19.2% to $850 million. This left Brazil with a $207 million trade surplus in bilateral trade.

Overall, Brazil's February trade performance highlights the country's growing reliance on commodity exports and diversified trading partners as it navigates ongoing shifts in global trade dynamics.