Brazil’s international trade went from bad to worse in October. The trade surplus was 13% smaller than expected by economists as a result of exports having fallen 14.5% rather than 12.2% expected. Imports have fallen in 24 of the past 25 months. A 19% stronger real is partly to blame for weaker exports, as is a continued decline in exports of agricultural products outside coffee. Panjiva data shows the U.S. was a relative bright spot, with wood-related exports climbing 30% and auto-parts 7% to lead shipments 3% higher in volume terms.