China Remains the Main Destination for Brazilian Agribusiness Exports

Brazilian agribusiness exports have been landing records throughout the year. According to Cogo Consulting, the good results stem from the high average price of commodities.

The analyst Carlos Cogo assesses that November was a record-breaking month for the agribusiness industry, which yielded an US$ 8.4 billion worth performance, resulting from the 22% increase in average prices.

“Since March this year, monthly records in agribusiness exports have been broken. Evaluating the volume exported between January and November, exports generated a record-worthy result of U$ 110.7 billion, indicating a growth of 18.4%. Agribusiness ended up accounting for 43.2% of all Brazilian exports in the year,” says Cogo.

Exports were 20% higher in 2021 compared to the same period last year. The most relevant exports were fertilizers, pesticides, wheat and corn. As exports outnumbered imports, the trade balance stagnated at US$ 96.6 billion. “Brazil exports almost U$ 120 billion in agribusiness products, and spends almost U$ 16 billion in imports, resulting in a balance of U$ 104 billion. We consolidated Brazil as the largest net exporter in the world this year”, adds Cogo.

Check below the main destinations for Brazilian agribusiness products in 2021. Data are from DataLiner:

Top 6 destinations for Brazilian Agribusiness products | Jan to Oct 2021 | WTMT

Source: DataLiner (click here to request a demo)

China

China was once again confirmed as the main destination for Brazilian agribusiness products. Between January and November, the Asian country imported a sum worth US$ 38.9 billion in products, being 67% of those, soybeans grains alone. The oilseed is the main factor leading up to a bigger Brazilian presence in the Chinese market, totaling a balance worth US$ 5.3 billion in addition to the same period last year.

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