Agribusiness exports break record, reaching US$ 11.63 billion

Agribusiness exports reached a record figure for the month of February, totaling US$ 11.63 billion. This value was 19.7% higher compared to the US$ 9.71 billion exported in February 2023, representing a growth of US$ 1.91 billion in export values.

According to the Secretariat of Commerce and International Relations of the Ministry of Agriculture, Livestock, and Supply (SCRI/Mapa), four products explain the strong growth in exports in February 2024: sugar (+ US$ 1.06 billion); cotton (+ US$ 406.55 million); green coffee (+ US$ 313.06 million); and beef (+ US$ 211.65 million).

The following chart shows the export volume of cotton from the Port of Santos, between January 2022 and January 2024. The data is from DataLiner.

Cotton Exports from Santos Port | Jan 2022 – Jan 2024 | WTMT

Source: DataLiner (click here to request a demo)

Last month, the five main exporting sectors were: the soy complex (32.1% share); meats (15.8% share); sugarcane and alcohol complex (14.3% share); forestry products (11.0% share); and coffee (7.0% share). These five sectors accounted for 80.2% of the sector’s external sales in February.

Source: SCRI/Mapa

Destinations

China remains the main partner of Brazilian agribusiness, having purchased US$ 3.60 billion in sector products in February 2024. This amount represented a 31.0% share of Brazilian agribusiness exports for the month. Following China is the United States with US$ 842 million.

Indonesia was the country that saw the largest increase in its share of Brazilian agribusiness exports in February. The country went from a 1.6% share in February 2023 to 3.9% in February 2024, equivalent to US$ 448.94 million. Another country that saw an increase of over one percentage point in Brazilian agribusiness exports was the United Arab Emirates. In practice, the country’s share doubled, rising from 1.4% to 2.8% of the value exported by Brazil in agribusiness products last month.

Imports

Imports of agribusiness products increased from US$ 1.34 billion in February 2023 to US$ 1.44 billion in February 2024 (+7.5%). In addition to these products, there were purchases of numerous inputs necessary for agricultural production, such as fertilizers (US$ 640.47 million) and agricultural pesticides (US$ 306.55 million).

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