Brazil posts record trade results in September, set for a full-year $61Bn total trade surplus.
The impact of US tariffs completely negated by considerable growths in non-US exports.
EU-Mercosur agreement takes on renewed importance, further diminishing US power.
Record trade results in September herald a trade surplus bounty by year end. Enviable export market diversification has meant that the impact of US tariffs has been completely cancelled out. As we predicted, US tariffs have only succeeded in driving BRICS+ economies closer together – this week Brazil and India are exploring options to triple bilateral trade and reduce the proportions of their exports earmarked for the US.
Trade
Whilst Brazil’s exports to the USA fell by 20% YoY in September to US$2.6Bn, that same month Brazil nonetheless posted record exports of US$30.5Bn versus imports of $27.5Bn, leading to a $3Bn monthly surplus, and a cumulative trade flow of $470.1Bn YTD. This prompted the Ministry of Development to raise...
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