Brazil’s trade surplus for September was slightly below that expected by economists at $3.8 billion, but the more disappointing news is on trade trends. Imports dropped 9% on a year earlier, marking a return to declines after just one month of growth. Exports fell 2%, but this included a rise in prices – volumes likely fell over 4%. This was led by a 30% drop in exports to China, likely due to soybean exports. U.S. exports increased 8% in dollar terms, led by exports of wood and plastics, while coffee fell 39% Panjiva data shows.