Brazil expects a trade surplus of at least $90 billion in 2026, even after the government lowered its official forecast to $84.4 billion, Trade Minister Márcio Elias Rosa said.
Speaking to reporters at the Federation of Industries of Rio de Janeiro State (Firjan), Rosa said Brazil is diversifying export markets to offset the effect of US tariffs and an EU embargo on Brazilian beef and poultry.
He said talks with Washington on easing the tariffs were moving forward and that Brazil expects a new US proposal in three to four weeks. Technical teams could continue discussions while the governments consider setting up a working group, he said.
The Ministry of Development, Industry, Trade and Services (MDIC) cut its 2026 surplus projection on Tuesday to $84.4 billion from the $90 billion estimate it issued in July. The ministry cited smaller expected export gains and cooling international prices.
The revised forecast would still be 24% above Brazil's $68.1 billion surplus last year. If achieved, it would be the second-largest annual surplus in the historical series, behind only the 2023 result.