By Brazil Stock Guide – Brazil’s government on Friday (Sept. 12) released a list of 9,777 Mercosur Common Nomenclature (NCM) codes to determine eligibility for emergency credit lines for exporters hit by additional US tariffs. The measure is part of the Brazil Soberano Plan, launched in August, which mobilizes R$ 30 billion ($5.5 billion) in guarantees through the Export Guarantee Fund (FGE).
The codes are split into two groups. List 1, covering 9,075 products, will be automatically counted in revenue calculations from exports to the US. Heavily affected sectors include organic chemicals (1,639 codes), machinery and equipment (832) and electronics (410). Examples include 01012100 (purebred breeding horses) and 01022110 (purebred breeding cattle).
List 2, with 702 products, requires companies to self-declare the impact on sales. It concentrates on machinery (256 codes), electrical equipment (193) and precision instruments (100). Products include 40111000 (new car tires), 70091000 (glass rearview mirrors) and 83012000 (automotive locks), listed under Procl 10908 automotive 03_25.
“These measures ensure liquidity for strategic companies facing an unexpected external shock,” the Ministry of Development, Industry and Trade said.
Loan terms and limits
The credit lines cover working capital, capital goods and investments in production adaptation and technological innovation. Maturities range from 5 to 10 years, with grace periods of up to two years. Large companies can borrow up to R$ 200 million ($36.7 million) for working capital, while medium and small firms have a cap of R$ 35 million ($6.4 million). For investments and capital goods, the ceiling is R$ 150 million ($27.5 million) per borrower.
Eligibility prioritizes exporters that earned at least 5% of total revenue from affected products between July 2024 and June 2025. Companies under bankruptcy or restructuring proceedings are excluded unless a court-approved recovery plan is in place.
Broader implications
The Brazil Soberano Plan responds to Washington’s decision in late July to raise import tariffs on Brazilian goods by up to 50%. The initiative seeks to shield exporters, preserve jobs and sustain strategic supply chains.
Beyond short-term relief, the program marks a shift in Brazil’s industrial policy. By coupling emergency credit with incentives for innovation and stronger domestic value chains, the government aims to reduce dependence on the US market over the medium term.
Link of the list: tabela.xlsx