Brazil crude exports decrease 28% in June

Crude oil exports from Brazil totaled 5.88 million tonnes in June, down 27.7% compared to the same period of the previous year, showed data from the Secretariat of Foreign Trade (Secex) released on the 1st of June, amid attempts to expand refining in the country to address supply concerns.

Revenue from shipments, however, significantly declined and totaled US$3.63 billion, down 2.94% compared to June last year, due to the increase in fossil fuel prices in the international market.

The war between Russia and Ukraine has boosted foreign oil prices and reduced the world’s fuel supply. The Russians are among the leading global suppliers and suffer from Western sanctions.

In Brazil, the volume of refined oil grew 13.4% in the year to date between January and May, according to data from the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Also, according to the federal government survey, sugar exports fell 14.34% in June year-on-year, to 2.36 million tonnes. However, exports improved compared to May, when the country shipped 1.58 million tonnes in response to the beginning of the sugarcane 2022/23 crushing season in April.

On the positive side, Secex data indicated that shipments of green coffee rose 3.77% to 180.87 thousand tonnes (3.01 million bags of 60 kg) in June, despite a delay in the national harvest.

It is worth remembering that, in May, the Coffee Exporters Council (Cecafé) said there were signs of a “slight” improvement in the logistical conditions for foreign product sales, which could contribute to the advancement of exports.

Source: Investing.com

To read the full original article, please go to: https://br.investing.com/news/commodities-news/exportacoes-de-petroleo-do-brasil-caem-28-em-junho-1014606

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