The tariff imposed by the President of the United States, Donald Trump, on products exported by Brazil has reduced Brazilian sales to North Americans, but increased shipments to other trading partners.
Overall, trade balance data confirm that tariffs, in the short term, did not compromise Brazil’s total exports.
The assessment comes from the Foreign Trade Indicator (Icomex) report released this Wednesday by the Brazilian Institute of Economics of the Getulio Vargas Foundation (Ibre/FGV).
Considering Brazil’s main export products, many recorded a drop in exports to the United States, but growth in sales to third markets.
“The data continues to confirm that the effect of tariffs in the short term did not compromise Brazil’s total exports. In this period (August-October), total exports from Brazil increased by 6.4% and to the United States they fell by 24.9%. As we highlighted before, however, this does not translate into the hypothesis that the United States market does not continue to be relevant for Brazil and the world. In addition, as the United States is moving forward with new agreements, Brazil’s preference margins tend to fall by third markets”, considered the Icomex report.
In October 2025, Brazilian exports increased by 9.1% in value compared to October 2024. In volume, the increase was 11.3% in the period.
Imports fell 0.8% in value in October 2025 compared to October 2024, while the decline in volume was 2.5%.
From January to October, Brazil exported a volume 4.3% greater than in the same period of the previous year, while import growth was 8.0%.
The Brazilian trade balance had a surplus of US$7.0 billion in October. In the year to October, there was a surplus of US$52.4 billion, US$10.4 billion less than in the same period in 2024.
“The drop in the trade balance in the year to October is related to the reduction in the surplus with China from US$30.4 billion in 2024 to US$24.9 billion in 2025, a difference of US$5.5 billion. An increase of US$5.4 billion in the deficit with the United States, going from a deficit of US$1.4 billion to US$6.8 billion. In Argentina, the deficit of US$ 4.7 billion turned into a surplus of US$5.1 billion, a gain of US$9.8 billion that does not offset the losses in dollars from the balance with the United States and China, worth US$10.9 billion”, explained Icomex.
