The EU overtakes China as the largest market for Brazilian oil

Brazil increased crude oil exports to Europe, which overtook China as the top sales destination in September.

According to data from the Ministry of Development, overall shipments of Brazilian crude oil reached 13.75 million cubic meters in the month. Of these, 38% went to European countries - with the Netherlands in the lead - while China's share stopped at 34%. In August, Beijing absorbed 39% of exports, compared to 29% in Europe.

The growth in sales to the European market contributed to the improvement of the Brazilian trade balance. Between January and September, the trade balance with the EU went from a deficit of one billion dollars recorded in the same period in 2025 to a surplus of 6.1 billion dollars in 2026. In the same period of time, the EU's share of Brazilian exports rose from 14.2% to 20.2%. Oil led the growth, with a 139% increase in value of sales to the bloc and a 34.1% share of direct exports to Europe. Copper ore and soybean meal also increased, while imports from the EU fell by 8.7% in value. The result is linked above all to European restrictions on the purchases of Russian oil and the consequences of the conflict in Iran, which pushed European countries to look for alternative suppliers.