Brazil’s Agribusiness Exports Fall 5.3% in January, Totaling $11 Billion

According to the Ministry of Agriculture, Brazilian agribusiness exports totaled $10.999 billion in January. While this figure represents the second-highest January result on record, it marks a 5.3% decline compared to the same month last year, equating to a $616 million drop from the $11.615 billion registered in January 2024. The agribusiness sector accounted for 43.7% of Brazil’s total exports last month, up slightly from 43.5% in January 2024.

According to the ministry, the drop in soybean, corn, and sugar-alcohol complex exports was a major factor in the lower performance for January. The International Trade and Relations Secretariat (SCRI) stated that the decline was primarily due to a 10.1% reduction in the export volume index. However, the export price index rose by 5.3%, partially offsetting the volume decline. The international prices of key Brazilian agricultural commodities, such as coffee, cellulose, meat, orange juice, tobacco, and cocoa, increased, helping to mitigate the overall drop.

The chart below builds on DataLiner data, providing an overview of Brazilian sugar exports from January 2021 to December 2024.

Sugar Exports | Jan 2021 – Dec 2024 | TEUs

Source: DataLiner (click here to request a demo)

Meanwhile, exports from all other sectors grew significantly, reaching $2.7 billion, a 32.5% increase from $2.1 billion in January 2024. The ministry noted in its technical report that “this indicates a diversification of Brazil’s export portfolio beyond agribusiness. “

Despite maintaining its position as Brazil’s top agribusiness export market, China’s purchases fell 31.1% in January, dropping to $2.05 billion. This decline reduced China’s share of total Brazilian agribusiness exports from 25.6% to 18.6% in one year. The main drivers of this decline were a $677.2 million reduction in soybean exports, a $230.4 million drop in corn exports, a $175.6 million decrease in uncarded and uncombed cotton exports, and a $143.1 million decline in raw cane sugar exports. The top agribusiness products exported to China last month included cellulose, fresh beef, soybeans, unprocessed tobacco, and uncarded/uncombed cotton, collectively accounting for 83.9% of all shipments to the Asian country.

Brazil’s agricultural imports rose 9.5% in January compared to the same period in 2024, reaching $1.841 billion, or 8% of total Brazilian imports. Key import highlights include a 113.7% increase in sugar-alcohol complex imports, a 36.5% rise in forest products, a 33.8% growth in palm oil imports, and an 18.7% increase in malt imports. Additionally, imports of essential agricultural inputs such as fertilizers and pesticides increased, with fertilizer imports reaching $931.3 million (+15.5%) and pesticide imports totaling $409.9 million (+11.4%).

Despite the export decline, Brazil’s agribusiness trade balance remained positive, posting a $9.158 billion surplus, though lower than the $9.934 billion recorded in January 2024.

Source: Compre Rural 

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