Brazilian agribusiness exports hit historic record in July with US$15.44 billion

In July 2024, Brazil’s agribusiness goods exports reached $15.44 billion, setting a new record for the month and marking the highest export value thus far. This performance reflects an 8.8% growth compared to the $14.20 billion recorded in July 2023, solidifying the sector’s importance to the domestic economy.

The driving forces behind this impressive result were the soybean complex, meat, sugar-alcohol complex, forest products, and coffee. Together, these sectors accounted for 82.5% of agribusiness exports in July. Notable highlights include the increase in soybean exports to China, which remains the largest market for Brazilian soybeans, and a significant 19.2% rise in meat exports, particularly beef and pork.

Beef exports, in particular, showed strong performance in July, reaching $1.14 billion, a 34.0% increase compared to last year. The export volume also set a record, with 265.7 thousand tonnes shipped, reflecting a 43.9% increase from July 2023. China stood out as the primary destination for Brazilian beef, accounting for more than half of the exported volume, followed by the United States, the United Arab Emirates, and the Philippines.

The chart below uses DataLiner-derived data to compare beef exports in containers every month between January and June in the last three years.

Beef Exports | Jan-Jun Comparison | TEUs

Source: DataLiner (click here to request a demo)

“The exceptional performance of the agribusiness trade balance in July, the best result for this month in recent years, is a clear reflection of the dedication of the entire ministerial team under the leadership of Minister Carlos Fávaro. The strategy of opening more markets and strengthening diplomatic relations has allowed products like soybeans, sugar, and meat to achieve historic numbers. We will continue to focus on maintaining this growth trajectory, seeking new records, and solidifying Brazil as a global leader in agribusiness,” emphasized Roberto Perosa, Secretary of Trade and International Relations at the Ministry of Agriculture and Livestock.

From January to July 2024, agribusiness exports totaled $97.80 billion, a historical year-to-date record. This financial amount represents a 1% increase compared to the $96.87 billion exported in the first seven months of 2023. Products like raw sugar and soybeans saw significant increases in quantities shipped, contributing to the positive results.

12-Month Cumulative (August 2023 to July 2024)

Considering the past 12 months, from August 2023 to July 2024, Brazil’s agribusiness exports totaled $167.41 billion, a 3.2% increase compared to the $162.24 billion recorded in the previous 12 months. Agribusiness continues to play a crucial role in Brazil’s trade balance, representing 49.3% of the total export value between January and July 2024.

Imports

Agricultural product imports also saw significant growth in July 2024, rising 25.4% to $1.74 billion, compared to $1.39 billion imported in the same month the previous year, setting a new record in the historical series.

In addition to farming imports, imports of agribusiness inputs increased. Fertilizers, for example, grew by 22.5%, and animal nutrition products saw a 12.4% increase, both considered essential for agricultural production.

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