Brazil’s Mining Heartland Minas Gerais Posts $1.5 Billion Trade Surplus in February

Data from the Ministry of Development, Industry, Commerce and Services reveals Minas Gerais exported US$2.9 billion in February, securing a US$1.5 billion trade surplus. The state maintained its position as Brazil’s second-largest exporter, representing 12.7% of national exports.

The state’s trade performance contrasts sharply with Brazil’s overall February trade figures. While Minas Gerais posted strong gains, Brazil recorded a US$300 million trade deficit for the month, according to Trading Economics data.

Iron ore and its concentrates led Minas Gerais exports at 27.8%, followed by coffee at 26.8%. Gold, ferro-alloys, and beef rounded out the top five export products. These figures reflect the state’s diversified economic base.

Minas Gerais reached 147 international markets in February. China remained the dominant buyer, purchasing 33.2% of exports. The United States, Canada, Argentina, and Japan followed as key destinations.

Exports to Canada showed remarkable growth, increasing 123.4% to US$86.3 million compared to February 2024. This expansion demonstrates the state’s growing market diversification.

Brazil’s Mining Heartland Minas Gerais Posts $1.5 Billion Trade Surplus in February. (Photo Internet reproduction)

Varginha led municipal exporters with 7% of shipments, followed by Conceição do Mato Dentro, Paracatu, Nova Lima, and Araxá. The distribution highlights the geographic spread of economic activity throughout the state.

Minas Gerais’ Strong Trade Performance and Economic Growth

The strong February performance builds on Minas Gerais’ historic 2024 achievement. Last year marked the first time agricultural exports surpassed mining revenues, reaching US$17.1 billion compared to mining’s US$15.7 billion.

Import figures also showed notable growth. February’s imports totaled US$1.4 billion, a 24.2% increase from the previous year. Auto parts, passenger vehicles, chemical products, medications, and medical instruments dominated purchases.

Extrema led importing municipalities with 13.8% of incoming goods, followed by Betim, Uberaba, Contagem, and Pouso Alegre. These industrial centers drive the state’s manufacturing sector.

The state’s robust trade balance contributes significantly to Brazil’s economic stability. Secretary of Economic Development Mila Corrêa da Costa noted the state has already exported US$6 billion in 2025’s first two months, generating a US$3.1 billion surplus.