Brazil’s Agribusiness Exports Hit Record $166.55 Billion in 2023

Brazil’s agribusiness achieved a historic milestone in 2023, breaking previous records with exports totaling $166.55 billion, marking a 4.8% increase compared to 2022, equivalent to a growth of $7.68 billion. The Ministry of Agriculture and Livestock‘s Secretariat of Commerce and International Relations (SCRI) attributes this performance primarily to the quantity shipped.

As a result, agribusiness accounted for 49% of Brazil’s total export basket in 2023, up from 47.5% the previous year.

Secretary of Commerce and International Relations at SCRI, Roberto Perosa, noted, “2023 marked a historic turning point for Brazilian agribusiness, achieving significant strides in exports and market expansion, resulting in a record trade balance surplus of almost $99 billion, a 62% increase from 2022.”

Direct exports of grains reached 193.02 million tons in 2023, a remarkable 24.3% increase compared to the 155.30 million tonnes exported in 2022. This volume accounts for 60.3% of the bumper harvest of 2022/23, estimated by the National Supply Company at 319.86 million tonnes.

In addition to the nearly 40 million-ton increase in grain exports, other products with over $1 billion in external sales also experienced growth: meats (+5.4%), sugar (+15.1%), fruit juices (+6.0%), fruits (+5.9%), leathers, and their products (+19.7%).

Regarding imports, Brazilian agribusiness imported $16.61 billion.

“The country has also launched an ambitious program to convert degraded pastures into cultivable areas, aiming to double sustainable production and contribute significantly to interior development. In 2024, the country takes strides to solidify itself as a global agribusiness powerhouse, reinforcing resilience and sustainability in the sector, crucial for economic development and a key food supplier to the world,” concludes Perosa.

December 2023

Brazilian agribusiness product exports reached $13.51 billion in December 2023, outperforming the same month in 2022 by $2.34 billion, representing a growth of 20.9%.

According to SCRI/Mapa data, the December performance was strongly influenced by an increase in the volume shipped, rising by 28.9%, despite a 6.1% decline in the average export prices of Brazilian agribusiness products.

Soybeans, cane sugar, soybean meal, and beef are the products that analysts at SCRI believe contributed the most to the growth in exports for the month.

Soybean exports in December reached a volume of 3.83 million tons, a 97.8% increase compared to the same period last year. The sector is the primary driver of agribusiness export growth, with soybean exports reaching $1.99 billion in December 2023, a 66.2% increase.

Soybean shipments to China grew by 118.8% between December 2023 and the same month last year, with the country acquiring 86.5% of the total volume of soybeans exported by Brazil.

The exported sugar volume also set a record for December, reaching 3.85 million tons, a 74.9% increase. The product stood out in sales for the period, totaling $2.04 billion, a 113.7% increase.

Like soybeans, China remains the primary importing market for Brazilian raw cane sugar, with $330.65 million, a growth of 108.6% from December 2022.

Another product with a favorable performance in December was soybean meal. Soybean meal exports rose from $559 million in December 2022 to $1.0 billion in 2023, a 79.4% increase. The value increase is due to the rise in the exported volume, growing by 75.1%. The European Union, Iran, and Indonesia were the largest importers of the Brazilian product.

Sharing is caring!