Brazil’s Trade Surplus Surges To A Record $14.2 Billion Amid High Oil Prices

Brazil posted a record trade surplus of $14.2 billion in the first quarter of 2026, marking a 47.6% increase compared to the same period in 2025 thanks in large part to high oil prices. Brazil’s crude oil exports climbed 31% Y/Y to $12.56 billion in the first quarter, with China accounting for 57% of oil exports at $7.2 billion, and 65% of crude exports in March alone. In contrast, oil exports to the U.S. collapsed by 40% to just $632 million while overall exports fell 18.7% due to new tariff pr...