AGRIBUSINESS EXPORTS TOTALED ALMOST US$ 9 BILLION IN AUGUST

In August 2020, Brazil exported US$ 8.91 billion in agribusiness products, an increase of 7.8% in relation to the same month in 2019 (US$ 8.26 billion). Between August 2019 and 2020, agribusiness product exports grew by 16.5% or US$ 646.24 million in absolute values.

According to the Agribusiness Trade Balance released by the Department of Trade and International Relations of the Ministry of Agriculture and Food Supplies (MAPA) on September 11, the increase in foreign sales of soybeans and cane sugar were responsible for the increase.

Soybean exports reached US$ 2.21 billion (+ 25.1%), of which China purchased close to 75%, valued at US$ 1.65 billion.

The following graph shows Brazilian soybean exports month by month:

Brazilian Soy Exports (HS 1201) | Jan to July 2020 | WTMT

Source: DataLiner

With the fall in sugar production in India and Thailand during the 2019/2020 harvest, there were new opportunities for Brazil to increase exports of the product, which reached US$ 960 million in August, an increase of 107%.

The following chart shows Brazilian sugar exports month by month since January 2017:

Brazilian Sugar Exports (HS 1701) | Jan 2017 to July 2020 | WTMT

Source: DataLiner

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Shipments of Brazilian agribusiness products to China also explain the increase in the month analyzed. 30% more products than registered for 2019 (US$ 639 million) were shipped to the Asian country, totaling US$ 2.7 billion in August.

Agribusiness accounted for more than 50% of the country’s total exports. Imports of agricultural products decreased from US$1.10 billion (August 2019) to US$ 912 million (August 2020), a decrease of 17.3%. Thus, the August trade balance totaled US$ 7.1 billion.

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