Brazilian Agribusiness Exports Reach Record High in November

Brazilian agribusiness exports totaled $13.48 billion in November of this year, according to the Ministry of Agriculture. The figure represents an 8.27% increase compared to the same period last year and marked a monthly record.

Year-to-date, exports reached $153.08 billion, showing a growth of 3.6% over the same period in 2022. The agribusiness sector now accounts for 49.3% of Brazilian exports during this period, 1.3 percentage points higher than the share recorded a year ago.

The Ministry of Agriculture attributes the results to a 19.2% increase in shipped volume, as the average export prices in the sector declined by 6.9% in the last month. Factors contributing to the record include the bumper crop of grains harvested this year.

From the beginning of the year until November, Brazil has already exported nearly 180 million tons of grains, representing 56% of the estimated harvest of 319.97 million tons. In November alone, soybean exports more than doubled to 5.2 million tons, while corn exports increased by 25.7% to 7.4 million tons.

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