Brazilian Agribusiness Registers Record-Breaking January at Dawn of 2024

Brazilian agribusiness exports reached US$ 11.72 billion in January 2024, a record value for the month of January, representing a 14.8% increase or an equivalent of US$ 1.51 billion compared to the US$ 10.21 billion exported in January 2023.

According to the Secretariat of Trade and International Relations of the Ministry of Agriculture, Livestock and Supply (SCRI/Mapa), this record is explained by the increase in exported volume, both in grains (+19.7%) and sugar (+58.1%). On the other hand, the price index of exported products declined by 5.8% compared to January 2023.

Soybeans

Exports of soy products topped previous years, reaching a record of US$ 2.50 billion. This figure was mainly achieved due to the strong volume of soybeans exported. In January 2024, 2.85 million tonnes of soybeans were exported, a volume 240.0% higher compared to the 839.59 thousand tonnes exported in 2023. China was the largest importer of Brazilian soybeans, purchasing US$ 1.00 billion (69% of the export value).

Sugar

Also standing out in external sales, the sugarcane and alcohol complex experienced a 69.9% increase in exports, totaling US$ 1.84 billion, establishing itself as the second main exporting sector of Brazilian agribusiness in January 2024.

The volume of sugar exported by Brazil reached a record for January, reaching 3.2 million tonnes. A record quantity, with one of the highest prices in the last seven years, resulted in a also record value of exports of US$ 1.69 billion (+88.6%). India, the second largest producer of sugarcane, was the largest importer of Brazilian sugar in January 2024, purchasing US$ 157.24 million.

12-month Year-to-Date

Between February 2023 and January 2024, Brazilian agribusiness exports totaled US$ 168 billion, representing a 4.8% growth compared to the previous twelve months (US$ 160.29 billion). Soybeans and meats were the products that contributed the most to the year-round performance.

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