Brazil posted a trade surplus of USD 7.07 billion in July 2025, up from June’s USD 5.89 billion and above market expectations of USD 5.6 billion. Exports rose 4.8% year-on-year to USD 32.31 billion, driven by a 7.4% increase in manufacturing, a 3.6% gain in extractive industries, and a marginal 0.3% rise in agriculture. Imports climbed 8.4% to USD 25.24 billion, led by an 11.1% increase in manufacturing and a 3.8% rise in agriculture, while extractive industry imports dropped 29.2%. Among key trading partners, exports to Argentina surged 42.4% while imports fell 8.0%, generating a surplus of USD 560 million. Exports to China, Hong Kong, and Macau declined 2.7%, while imports rose 8.0%, producing a surplus of USD 3.99 billion. Sales to the US increased 3.8%, but were outpaced by an 18.2% rise in imports, resulting in a deficit of USD 560 million. Cumulatively, from January to July 2025, exports edged up 0.1% while imports jumped 8.3%, leading to a trade surplus of USD 36.98 billion.