Brazil estimates Gross Value of Agricultural Production at BRL 1.179 trillion in 2023

According to estimates based on crop information, the Gross Value of Agricultural Production (GPV) for 2023 is projected to reach R$ 1.179 trillion in Brazile, marking a 3.8% increase compared to the R$ 1.135 trillion value recorded in 2022.

The GPV is heavily influenced by agricultural prices, which have experienced a decline across various products, including corn, soy, and wheat. These commodities play a significant role in the calculation of the GPV. Specifically, soybean and corn producers have witnessed a respective decrease of 8.93% and 14.37% compared to the prices observed in April.

Crop revenues are estimated at R$ 835.5 billion, reflecting a notable 6.3% increase compared to the previous year. Several products have yielded positive performance, including peanuts, rice, bananas, cocoa, sugar cane, beans, oranges, cassava, corn, soybeans, and tomatoes.

See below the volume of soybeans exported by Brazil each month from Jan 2019 to Apr 2023. The data is from the DataLiner market intelligence service.

Soy exports from Brazil | Jan 2019 – Apr 2023 | WTMT

Source: DataLiner (click here to request a demo)

On the other hand, livestock revenues amount to R$ 343.8 billion, indicating a slight decline of 1.8% compared to 2022. Within the livestock sector, pork, milk, and eggs have been on an upward trend, while beef (-7.3%) and chicken meat (-6.0%) have experienced negative growth.

Some agricultural products have witnessed a reduction in GPV this year. Cotton lint, for instance, has experienced a decrease of 7.3%, while potatoes (-8.1%), coffee (-4.5%), and wheat (-12.8%) have also seen declines. The decline in GPV for these products can be primarily attributed to the decrease in prices, as seen in the case of cotton, coffee, and wheat.

Record estimates

This year’s estimated Gross Value of Agricultural Production (GPV) represents a historic milestone for Brazil. Several products have reached their highest values since 1989.

Among the top performers, soybeans, corn, sugarcane, coffee, and cotton accounted collectively for 58.25% of the total production value.

The top five ranking states are Mato Grosso, Paraná, São Paulo, Minas Gerais, and Goiás. Together, these states generated 60.4% of the country’s Gross Agricultural Production Value (GPV) in 2023.

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