Brazil sees bigger trade surplus in 2026 after beating own forecasts last year

BRASILIA, Jan 6 (Reuters) - Brazil expects a trade surplus of $70 billion to $90 billion in 2026, after last year's result topped government projections, the Ministry of Development, Industry, Trade and Services said on Tuesday.

Latin America's largest economy posted a $68.3 billion surplus in 2025, down from $74.2 billion in 2024 as imports grew faster than exports, underscoring economic resilience despite high borrowing costs to curb inflation.

The figure beat the ministry's most recent forecast of a $61 billion trade surplus, and followed a surplus of $9.6 billion for the month of December.

Imports jumped 6.7% in 2025, while exports rose 3.5%, even after the turbulent imposition of steeper U.S. tariffs on several goods, later partly reversed.

Export gains were driven by higher shipments, by value, of soybeans, beef, coffee and corn, offsetting annual declines in crude oil and iron ore amid falling commodity prices.

China remained Brazil's top trade partner, with exports up 6% at $100 billion, nearly 30% of total overseas sales. Brazilian shipments to the United States, the second-largest destination, fell 6.6% to $37.7 billion.