First-quarter results reflect global demand for gold and the reconfiguration of fertilizer supply chains
By Pedro Augusto
Trade between Brazil and Canada began 2026 on an upward trend, with Brazilian exports standing out, reaching US$1.83 billion in the first quarter—the highest value ever recorded for the period. The data comes from Quick Trade Facts (QTF), a report by the Chamber of Commerce Brazil-Canada (CCBC).
The result confirms the continued growth trajectory of bilateral trade, even amid an international environment marked by geopolitical instability and adjustments in global supply chains due to worldwide conflicts. During the period, total trade flow increased by 10%, driven mainly by a sharp rise in Brazilian imports, which grew 37% to US$755 million. The trade balance remained favorable to Brazil, at US$1.08 billion.
A chart prepared by CCBC’s Market Intelligence team shows the evolution of Brazil’s trade balance (US$ million FOB) between Jan–Mar 2025 and 2026, highlighting exports, imports, trade balance, and total trade flow.
Canada’s share of total Brazilian exports stood at 2.2%, stable compared to the same period last year. On the import side, its relevance increased to 1.11%, indicating a stronger presence of Canadian products in the Brazilian market.
Gold demand sustains export performance
The main driver of Brazilian exports in the quarter was once again gold, whose international demand intensified amid a context of heightened risk aversion. The search for safe-haven assets has benefited global producers, including Brazil, which remains a key supplier of the metal to the Canadian market.
Beyond the mining sector, the export basket also included significant contributions from traditional segments such as agribusiness and industry. Products such as coffee, sugar, beef, and aircraft remained part of the trade flow, although some posted more moderate performance compared to 2025 levels.
“The quarter’s performance was heavily concentrated in gold, reflecting an international context of greater risk aversion,” said Beatriz Calegare, executive manager of Business Development and Market Intelligence at CCBC. “At the same time, we observe some normalization in other traditional export products that had benefited from specific conditions last year,” she added.
Imports grow driven by fertilizers
On the import side, the strong growth in the quarter was mainly driven by fertilizers, which accounted for about 44% of Brazil’s total imports from Canada and recorded significant expansion during the period.
This increase is largely linked to recent disruptions in the global fertilizer market. Tensions involving the United States and Iran have affected key logistical routes for fertilizers produced in the Middle East and Asia, redirecting part of the demand toward alternative suppliers. In this context, Canada gained prominence due to its production structure being less dependent on those regions.
“The growth in imports this quarter was primarily driven by fertilizers, in a context of constrained global supply and the redirection of trade flows,” Calegare noted.
In addition to fertilizers, purchases of items from the chemical and pharmaceutical industries, industrial machinery and equipment, as well as aerospace products, also stood out—sectors directly linked to productive activity in Brazil.
Access full data and analysis in CCBC’s Quick Trade Facts report: Quick Trade Facts.
