Brazil’s trade surplus rose 39.4% year on year to $9.32 billion in October 2026, beating forecasts of $9 billion and reaching a six-month high. Exports grew 20% to $37.81 billion. Agricultural exports rose 12.8%, led by live animals (212.1%), rye, oats and other unmilled cereals (12,208.8%), and soybeans (8.9%). Extractive-industry exports surged 53.5%, driven by nickel ores (103.1%), precious-metal ores (900.6%), and crude petroleum oils (122.6%). Manufacturing exports rose 7.7% on stronger soybean meal and animal feed (39.1%), pulp (25.8%), and fuel oils (164.5%). Imports grew 14.8% to $28.49 billion, with agricultural purchases up 10.1%, extractive-industry imports up 51.4%, and manufacturing purchases up 13.1%.