August agribusiness exports soar to record high in Brazil: US$ 15.63 Billion

Products from the agribusiness sector in Brazil increased exports by 6.6% in August of this year, reaching $15.63 billion. This value accounted for 50.4% of Brazil’s total exports.

According to an analysis by the Secretariat of Commerce and International Relations of the Ministry of Agriculture and Livestock (SCRI/Mapa), two factors explain the August result: an increase in the quantity exported and a reduction in prices.

The first factor is related to the record grain harvest in 2022/2023, which expanded the capacity for export surplus. The other factor is the decrease in international food prices.

According to SCRI analysts, the standout products for the month include corn, soybeans, soybean meal, sugar, and fresh chicken meat.

Corn achieved a monthly record in both value and quantity. Meanwhile, soybeans and soybean meal set records for value and quantity for the month of August.

Additionally, sugar and fresh chicken meat achieved record volumes for the month of August.

Soybean exports hit a new high of $4.19 billion in August, a 12.3% rise. The volume exported also hit a new high of 8.39 million tons, representing a 41.1% rise. China, the product’s principal market, raised its share from $2.72 billion to $3.15 billion.

See below Brazil’s soybean exports to China between January 2019 and July 2023.

Soy exports to China | Jan 2019 – Jul 2023 | WTMT

Source: DataLiner (click here to request a demo)

Soybean meal recorded sales of $1.19 billion, a figure achieved due to the record volume exported for the month, 2.41 million tons. The European Union remains the top importer of Brazilian soybean meal with purchases of $504.29 million, equivalent to 1 million tons.

Corn exports reached 9.33 million tons, a record quantity since data collection began in 1997. The value reached $2.21 billion in the month surveyed. China imported nearly a quarter of corn exports.

Brazil exported 425 million tons of fresh chicken meat, an expansion of 3.3%, equivalent to $780 million.

Sugar recorded exports of $1.78 billion, a 48.7% increase, with the quantity exported reaching 3.63 million tons, a 23.0% increase, setting a record for the month of August.

China is also the largest buyer of Brazilian fresh chicken meat and sugar.

Year-to-Date (January to August)

Between January and August of this year, agribusiness exports from Brazil totaled $112.68 billion, a 4.2% increase. The increase is due to the expansion of the quantity exported despite a 5.2% decrease in price indices. Soybeans, sugar, and corn were the products that contributed the most to the favorable performance year-to-date.

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