Brazilian agribusiness exports register all time record in March 2021

Revenue grew 28.6%, according to data compiled by the Ministry of Agriculture

Brazilian agribusiness exports had the best March since the beginning of the historical series analyzed by the Ministry of Agriculture, which started in 1997. According to data released by the entity last Friday, the country shipped US$11.57 billion last month, an amount 28.6% higher than in March 2020.

The increase in commodity prices was an influential factor, says the ministry – prices rose 8.7% in comparison with March 2020. Volumes shipped however grew 18.3%.

The soy complex (grain, oil and bran) was the most prominent sector, with an increase of US$1.66 billion in absolute exports. “Heavy rainfall during the first two months of 2021 led to harvesting delays and pushed shipments of soybeans into March”, said the Ministry of Agriculture.

Despite the records, however, the number of vessel calls registered in March 2021 was not higher than in the same period in 2020. The number of calls was 214 in both years.

A greater concentration of the calls were observed in the port of Santos, with an increase of 5 calls in 2021 compared to 2020.

The meat segment also broke a record for exports, totaling US$1.60 billion, an increase of 16.1% compared to the previous year. Chinese demand was the main reason behind the increase in Brazilian exports of beef and pork.

The main meat exported was beef, registering US$711 million (up 11.9%) and a record volume of 158 thousand tons (up 7.8%). Pork exports also hit a record, with a 51.2% increase in export volumes, reaching 108 thousand tons, equivalent to US$260 million (up 57.4%).

Also according to the government, the sugar and alcohol segment saw the highest percentage growth rate among the main exporting sectors (up 59.4%). The volume of sugar exported reached a record of almost 2 million tons in March 2021 (up 39.6%). This volume record, together with the 9% increase in the average price, generated US$ 638.96 million in revenues.

Despite the records in the agribusiness sector in March, other sectors also saw sharp increases which led to the drop in the share of agribusiness from 49.1% to 47.4% of the total trade balance during March.

Finally, agribusiness imports also increased, from US$1.28 billion in March 2020 to US$1.34 billion, which represents an increase of 4.5%.

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