Search for safe-haven assets boosted Brazilian gold exports, while changes in global fertilizer supply chains increased Canadian imports
By Pedro Augusto
Global economic instability continues to reshape international trade and has strengthened the exchange between Brazil and Canada. Amid increased demand for gold as a safe-haven asset against the deterioration of external scenarios, Brazil’s total exports to the Canadian market reached US$3.67 billion in the first half of 2026, the highest value ever recorded for the period, driven by a 52% increase in gold bullion (unprocessed gold). On the other hand, the reorganization of global fertilizer supply chains and logistical route constraints led to an increase in imports from Canada, which reached US$1.80 billion during the period.
Bilateral trade between the two countries totaled US$5.47 billion between January and June, a 15% increase compared with the same period last year. Total Brazilian exports grew by 8%, while imports increased by 31%, resulting in a positive trade balance of US$1.88 billion for Brazil. The data comes from Quick Trade Facts (QTF), a report prepared by the Chamber of Commerce Brazil-Canada (CCBC).
Gold demand keeps exports at record levels
The international scenario of greater economic and geopolitical uncertainty continued to favor assets considered safer throughout the first half of 2026. Amid market volatility, gold maintained its upward trajectory, stimulating global demand for the metal and benefiting producing countries such as Brazil. Gold bullion (unprocessed gold), which increased by 52% compared with the same period in 2025, accounted for more than half of Brazilian sales to the Canadian market.
Although traditional export products, such as calcined alumina, green coffee and sugar, performed below last year’s levels, the growth in exports of gold, beef, loading machinery, aviation kerosene and industrial equipment offset these declines and sustained the record result.
“The international scenario continues to highlight the significant trade opportunities between Brazil and Canada. Demand for gold, an asset that is always sought after during challenging periods marked by uncertainty, such as the current one, is an example of this potential,” says Hilton Nascimento, President of the CCBC. “At the same time, we see a diversified export portfolio, with traditional and industrial sectors contributing to this record performance,” he adds.
In addition to mining, the performance of Brazilian shipments also reflected the strength of sectors such as agribusiness, food and beverages, and manufacturing, with emphasis on machinery, aircraft and industrial equipment.
Canada expands its role in Brazilian imports
Brazilian imports of Canadian products also highlighted the complexities of the international scenario. The restructuring of global fertilizer supply chains, intensified by geopolitical tensions involving the United States and Iran, as well as the impacts on key logistics routes, led international buyers to diversify suppliers. In this context, Canada expanded its role due to its more stable production capacity and lower dependence on inputs from the Middle East.
As a result, fertilizers remained the main item in Brazil’s import portfolio, representing more than half of the total value purchased by the country, with a 48% increase in imports of potassium chloride.
In addition to fertilizers, imports of chemical and pharmaceutical industry products, industrial machinery and equipment, as well as aerospace sector products, also stood out.
“The growth in imports shows how Brazil and Canada have been strengthening a complementary trade relationship. In a scenario of global supply chain restructuring, Canada is increasing its relevance as a supplier of strategic inputs for the Brazilian economy,” Nascimento adds.
Access complete data and analysis in the CCBC study: Quick Trade Facts.
