Brazil: Trade Surplus Misses Forecasts.

Brazil's trade surplus widened 1.0% year-on-year to $7.07 billion in July 2026, below market expectations of an $8.4 billion surplus. Exports rose 6.2% to $34.12 billion. Agricultural exports increased 9.3%, led by live animals (29.9%), soybeans (17.4%), and raw cotton (27.2%). Shipments from extractive industries advanced 10.8%, supported by other crude minerals (55.5%), base metal ores and concentrates (101.5%), and crude petroleum (23.8%). Manufacturing exports rose 2.4%, boosted by pulp (30.8%), fuel oils excluding crude (63.0%), and vegetable fats and oils (149.5%). Meanwhile, imports climbed 7.6% to $27.05 billion, driven by a 31.4% increase in extractive industry purchases and a 6.9% rise in manufacturing imports, led by pharmaceuticals (44.1%), fuel oils (31.4%), and data processing equipment (216.7%).