Brazil’s April export worth hit $34.148 billion, the best month-to-month determine ever recorded for the reason that historic collection started in 1989, with the commerce surplus reaching $10.537 billion (+37.5% YoY) on the again of an oil-price surge tied to the Center East conflict and a document soy harvest.
Oil-price will increase pushed common crude export values up 23.7% YoY regardless of a ten.6% quantity decline, whereas soybean exports rose 18.8% in worth phrases, contributing $1.105 billion of the YoY income achieve, and cumulative 4-month exports of $116.552 billion (+9.2% YoY) and a $24.782 billion surplus (+43.5% YoY) affirm the structural commodity tailwind.
MDIC now tasks full-year 2026 exports at $364.2 billion and a $72.1 billion surplus, with imports additionally hitting an April document at $23.611 billion.
Key Factors
— April exports $34.148B (+14.3% YoY) — all-time month-to-month document since 1989 collection.
— Commerce surplus $10.537B (+37.5% YoY) — third-highest in any month in Brazilian historical past.
— Crude oil costs +23.7% YoY regardless of 10.6% quantity decline.
— Soybean exports +18.8% YoY, contributing $1.105B of YoY achieve.
— MDIC tasks full-year 2026 surplus at $72.1 billion (+5.9% vs 2025).
An All-Time Month-to-month Document
The Rio Occasions, the Latin American monetary information outlet, stories that the April determine launched by Secex on Might 7 marks the best single-month export worth in Brazilian historical past. Herlon Brandão, director of the Overseas Commerce Statistics and Research Division at MDIC, mentioned the document was pushed by a 6.9% rise in common export costs and a 6.9% enhance in volumes on a YoY foundation. Imports of $23.611 billion (+6.2% YoY) additionally set an April document, alongside the commerce circulate determine (corrente de comércio) which mixed to push the general commerce surplus to its third-highest studying in any month of the historic collection, solely crushed by Might 2023 ($10.978 billion) and March 2023 ($10.751 billion).
The cumulative four-month image is equally robust with exports of $116.552 billion (+9.2% YoY) and a surplus of $24.782 billion (+43.5% YoY), the second-largest first-quadrimester surplus on document after Q1 2024. Sector-wise the agriculture sector grew 16.1% in April (+12.7% quantity, +3.2% worth), extractive business climbed 17.9% (largely price-driven from oil costs, with volumes solely +0.6% and costs +17.2%), and the manufacturing sector rose 11.3%, with passenger autos up 109.9%, fuels +37.3% and refined gold +75.9% YoY.
Oil Was a Value Story, Not a Quantity Story
Probably the most hanging element within the April information is that crude oil cargo volumes really fell 10.6% YoY, however the common export worth rose 23.7% on the Iran conflict premium, producing a internet income achieve of $458.98 million. Oil merchandise by worth rose 10.6% YoY regardless of the quantity decline, with extractive business as an entire at +17.9% YoY in April, and the sample echoes the broader LATAM commodity dynamic the place oil-exporting economies are absorbing windfall good points whereas oil-importing friends face fiscal stress. Brazil sits firmly within the beneficiary camp on its 1.6 million-barrels-per-day export base, with Brent above $100 sustaining the value premium whilst some volumes had been redirected to home consumption.
2026 Outlook Lifted
MDIC raised its 2026 outlook in tandem with the April launch, projecting full-year exports at $364.2 billion (+4.6% YoY), imports at $280.2 billion (+4.2% YoY), and a commerce surplus of $72.1 billion (+5.9% vs 2025’s $68.1B). The complete-year all-time surplus document stays $98.9 billion set in 2023 amid a distinct commodity-cycle peak. Beef exports rose 29.4% YoY in April with a number of sub-segments deepening (frozen +44%, refrigerated +12%) whereas cotton (+43.7%), iron ore (+19.5%), copper concentrates (+55%) and pumps and compressors (+321.5%) additionally led, though exports to the USA remained 18% decrease YoY throughout the four-month accumulation, with month-to-month US exports recovering above $3 billion for the primary time in 2026.
| Indicator | April 2026 | YoY change |
|---|---|---|
| Complete exports | $34.148B | +14.3% |
| Complete imports | $23.611B | +6.2% |
| Commerce surplus | $10.537B | +37.5% |
| Soy exports | $1.105B achieve | +18.8% |
| Crude oil exports | $458.98M achieve | +10.6% worth |
| Crude oil costs | +23.7% | vol -10.6% |
| Iron ore | +19.5% | worth |
| Copper concentrates | +55% | worth |
| Beef exports | +29.4% | recent/frozen |
| Cumulative 4M exports | $116.552B | +9.2% |
| Cumulative 4M surplus | $24.782B | +43.5% |
| 2026 forecast surplus | $72.1B | +5.9% vs 2025 |
Linked Protection
For extra on the LATAM commodity divide and oil-cycle results, see how Peru faces the mirror picture with Petroperu refinery shutdowns and how Chile’s April exports rose 7% with copper stalling and lithium surging.
What Occurs Subsequent
- Coming weeks: Might information launch will take a look at whether or not the oil worth premium sustains as Brent dynamics evolve.
- July 2026: MDIC to publish up to date quarterly forecasts for full-year exports and surplus.
- Finish-2026: 2023 document of $98.9B surplus stays the all-time benchmark to beat.
Continuously Requested Questions
What did Brazil’s April export information present?
April 2026 exports reached $34.148 billion (+14.3% YoY), the best month-to-month determine ever recorded for the reason that historic collection started in 1989. Imports additionally set an April document at $23.611 billion (+6.2% YoY), pushing the commerce surplus to $10.537 billion (+37.5% YoY), the third-largest in any month behind Might 2023 and March 2023, and the consequence was pushed by a 6.9% rise in common export costs and a 6.9% enhance in volumes. Sectoral progress got here in at 16.1% for agriculture, 17.9% for extractive business on oil-price good points, and 11.3% for manufacturing YoY.
What position did oil play within the rebound?
Crude oil cargo volumes fell 10.6% YoY in April, however the common export worth rose 23.7% on the Iran conflict premium, with Brent above $100 per barrel and the web oil contribution to YoY income achieve at $458.98 million. Refined fuels rose 37.3% in worth phrases whereas extractive business as an entire climbed 17.9% YoY, with oil the second-largest single contributor after soybeans at $1.105 billion. The sample reinforces Brazil’s positioning as an oil-cycle beneficiary at 1.6 million-barrels-per-day export base, in distinction to oil-importing friends corresponding to Peru that face fiscal stress.
Which merchandise led the surge?
Soybeans led at +18.8% YoY contributing $1.105 billion to the YoY achieve, adopted by crude oil at +10.6% in worth contributing $458.98 million. Different robust performers included cotton (+43.7%), iron ore (+19.5%), copper concentrates (+55%), stay animals (+148.4%), recent and frozen beef (+29.4%), unrefined gold (+75.9%), passenger autos (+109.9%), refined fuels (+37.3%) and pumps and compressors (+321.5%). The breadth of contributors confirms the structural commodity tailwind, though exports to the USA remained 18% under 2025 throughout the four-month interval.
What’s the 2026 outlook?
MDIC tasks 2026 whole exports at $364.2 billion (+4.6% YoY), imports at $280.2 billion (+4.2% YoY) and a commerce surplus of $72.1 billion (+5.9% vs 2025’s $68.1 billion). The cumulative four-month figures already level to upside, with exports of $116.552 billion (+9.2% YoY) and a $24.782 billion surplus (+43.5% YoY), the second-largest first-quadrimester surplus on document. Up to date official projections are scheduled for July 2026, whereas the all-time annual surplus document of $98.9 billion (set in 2023) stays the benchmark for any upside revision.
Up to date: 2026-05-08T18:00:00Z by Rio Occasions Editorial Desk
