Brazilian exports accumulated until November totaled $317.821 billion (€272.941 billion), marking a record for the period and a 1.8% increase over the first eleven months of 2024, according to data released by the Ministry of Development, Industry, and Trade.
However, imports accumulated until November grew at a faster rate of 7.2%, reaching $259.982 billion (€223.269 billion), also the highest value for the period, which ultimately reduced the trade surplus.
External sales continued to grow despite a significant decline in exports to the United States, due to the 50% tariff imposed by the Donald Trump administration from August on the import of many Brazilian products as retaliation for the alleged political persecution of former president Jair Bolsonaro.
Although Brazil and the United States made progress in trade negotiations and Washington reduced tariffs on some affected products, including coffee and meat, to 10%, sales to that market continue to decline.
In November alone, exports to the United States fell by 28.1% compared to the same month last year, with an accumulated decrease of 6.7% over eleven months.
This decline caused the United States to lose its position as Brazil’s second-largest trading partner.
China remains in the top spot, having purchased Brazilian products valued at $92.910 billion (+4.2%) until November. The European Union (EU) now ranks second, with $45.470 billion (+0.6%).
The United States has fallen to third place, with $34.200 billion (-6.7%), and Argentina remains fourth, with $17.080 billion (+36.8%).
Latin America’s largest economy recorded a trade surplus of $74.600 billion last year, the second-largest in its history, although 24.6% lower than the record $98.838 billion achieved in 2023. The forecast predicts a further decrease in the balance in 2025.
