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How relevant is the role of CO2 from harvested wood products (HWPs) for the Brazilian GHG emission balance? The C stocks and CO2 emissions and removals from the HWPs in Brazil during 1900-2016 were evaluated using three methodological approaches: stock-change approach (SCA), production approach (PA), and stock-change of domestic origin (SCDOA). Data from the FAO's FAOSTAT system on production, import and export of semi-finished products (sawnwood, wood-based panels and paper/paperboard) were analyzed, considering distinct land-use activities: deforestation (D), forest management (FM) and afforestation/reforestation (A/R). Two scenarios to evaluate the effect of HWPs from D were evaluated. The C stock in HWPs in 2016 reached 252 Mt C, by SCA. Contributions to C storage historically were higher from sawnwood, but wood-based panels and paper/paperboard have recently outperformed it. A/R is the major activity responsible for C storage in HWPs. The CO2 removal by HWPs was 521 Mt during 1990-2016, which corresponds to 1.1% of the country's emissions in the same period. It was concluded that Brazil has become a major producer and wood consumer and that HWPs are allies for a positive C balance and fulfillment of the commitments assumed by the country regarding climate change.