Brazilian agro exports soar to record high USD 16 bn; sector accounts for 47.2% of shipments

Brazilian agribusiness exports reached a record high of $16 billion in March of this year. The products that stood out the most in terms of export value growth were soybeans (+$878.3 million), corn (+$397.8 million), soybean meal (+$330.5 million), raw cane sugar (+$215.2 million), and fresh chicken meat (+$214 million).

In total, these products contributed $2 billion to the increase in exports, which was higher than the overall growth of $1.6 billion in total agribusiness exports. In March 2022, agribusiness exports totaled $14.4 billion.

According to the analysis of the Secretariat of Commerce and International Relations of the Ministry of Agriculture and Livestock (SCRI), the increase in shipped volume explains, to a large extent, the record value of agribusiness exports in March 2023.

Soybean Complex

In the soybean complex, two products with record volumes and revenues deserve mention: soybeans and soybean meal. Soybean exports reached $7.3 billion, a growth of 13.6%, with shipments of 13.2 million tons, an increase of 8.6%.

Brazil is harvesting a record soybean crop estimated at 153.6 million tonnes, with an expected increase of 22.4%. China remains the main destination, absorbing 75.7% of the total shipped by Brazil.

Soymeal sales also reached a record value of $1.1 billion, an increase of 45.5%, and nearly 2 million tonnes, a rise of 31.7%. The European Union, the largest importer of the product, purchased $492.3 million and 904.4 thousand tonnes, an advance of 40.9% in revenue and 29.1% in volume, respectively.

See below Brazil’s soybean and soymeal exports from Jan 2019 and Feb 2023, according to DataLiner.

Brazilian soy exports |Jan 2019 – Feb 2023 | WTMT

Source: DataLiner (click here to request a demo)

Chicken Meat

Brazilian chicken meat exports reached a record high of $967.8 million, a growth of 29.6% in March of this year, with a 25.5% increase in volumes exported, totaling 504.9 thousand tons. The leading importers were China, Japan, and Saudi Arabia.

According to analysts from SCRI, in a global context with widespread outbreaks of avian influenza in major exporters, additional opportunities were opened up for the Brazilian market, as Brazil has never registered cases on its territory.

See below a chart with Brazil’s exported volume of poultry meat (hs 0207) from Jan 2019 to Feb 2023. The data is from DataLiner.

Brazilian poultry exports | Jan 2019 – Feb 2023 | WTMT

Source: DataLiner (click here to request a demo)

Sugar

Sugar exports reached a record high of $818.1 million, an increase of 46.4%. The volume exported increased by 27.0%, reaching 1.8 million tons. However, lower sugar production is expected in countries such as China, India, Mexico, Thailand, and the European Union.

Corn

Corn exports reached $401.9 million. In March 2022, exports were only $4.1 million. The primary destinations were Japan, South Korea, Taiwan, and Vietnam.

Brazilian corn exports | Jan 2020 – Feb 2023 | WTMT

Source: DataLiner (click here to request a demo)

Year-to-Date (Jan-Mar)

In the first quarter of the year, Brazilian agribusiness exports reached a record high of $36 billion, an increase of 6.7% compared to the same period last year. Thus, agribusiness accounted for 47.2% of Brazil’s export basket.

Source: Money Times

To read the original news report, see: https://www.moneytimes.com.br/exportacoes-do-agro-atingem-recorde-de-us-16-bi-em-marco-setor-responde-por-472-dos-embarques-do-brasil/

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