Brazil trade surplus grows to $4.3 billion in January, below forecast

BRASILIA, Feb 5 (Reuters) - Brazil's trade surplus reached $4.3 billion in January, the Ministry of Development, Industry, Trade and Services said on Thursday, up 85.8% from a year earlier but below the $4.9 billion expected by economists in a Reuters poll.

Exports from Latin America's largest economy fell 1.0% from a year earlier to $25.2 billion, while imports dropped a sharper 9.8% to $20.8 billion.

The figures come as Brazil's economy shows clearer signs of slowing. The central bank has kept interest rates unchanged at a nearly 20-year high of 15% since July last year.

Brazilian shipments declined in key export items such as crude oil, iron ore and coffee, while posting strong growth in products including corn, soybeans and beef.

On the import side, which is more diversified, the main drag in the month came from a fall in fuel oils and crude oil purchases.

Last month, the ministry estimated that Brazil's trade surplus this year will range between $70 billion and $90 billion, above the $68.3 billion surplus recorded in 2025.