Increase in Brazilian agribusiness exports drives trade balance growth

An analysis conducted by the Secretariat of Commerce and International Relations of the Ministry of Agriculture and Livestock (SCRI/Mapa) has underscored that the growth of Brazilian agribusiness exports has played a pivotal role in driving the growth of the Brazilian trade balance. This increase has been primarily fueled by the soy complex, poultry and pork, cellulose, and cotton.

In contrast, the average export prices of products, in general, have decreased.

In July, the share of agribusiness exports in the overall trade balance was nearly 50%.

Countries like China, Argentina, Algeria, and Mexico have witnessed substantial increases in agro exports exceeding US$ 100 million.

Soy Complex

The soy complex remains the cornerstone of Brazilian agribusiness exports, accounting for 42.2% of the total export value from Brazil in agribusiness products (totaling US$ 6.09 billion).

A new record has been set for soybean value shipped, reaching US$ 4.77 billion for July. The volume shipped expanded by 29.2%, totaling close to 9.7 million tonnes.

The Brazilian soybean 2022/2023 harvest, as per Conab’s survey, is estimated at 154.6 million tonnes, which corroborates the outstanding shipped value.

Foreign sales of soybean meal have surged by 12.4%, exceeding the US$ 1 billion mark (US$ 1.08 billion) and setting a record value for July. The volume shipped also achieved a record for the period, reaching 2.2 million tonnes (+12.6%).

The chart below shows the volume of Brazilian soybean and soymeal exports, measured in tonnes, between Jan 2019 and Jun 2026, according to the DataLiner intelligence service.

Brazilian soy exports | Jan 2019 – Jun 2026 | WTMT

Source: DataLiner (click here to request a demo)

Estimates by the United States Department of Agriculture (USDA) indicate that Brazil may soon rise to the position of the world’s largest supplier of soybean meal in 2023, surpassing Argentina.

Three markets were responsible for buying 73.4% of the soymeal exported by Brazil: the European Union (US$ 458.83 million; +53.4%), Indonesia (US$ 178.88 million; +41.6%), and Thailand ($151.47 million; +3.6%).

Pork

Meat exports amounted to US$ 1.99 billion (-15.7%), accompanied by a 3.8% expansion in shipped volume and an 18.8% decrease in average export meat prices.

However, pork meat stands out as the exception, experiencing volume (+7.5%) and price (+3.7%) growth, with US$ 245.55 million in foreign sales (+11.5%).

China retains its position as the largest importer of Brazilian pork, holding a 37.8% share.

The Philippines, grappling with cases of African swine fever (ASF) in its production areas, emerges as the second-largest fresh pork meat importer, purchasing US$ 27.02 million (+39.0%).

Three markets imported over US$ 15 million worth of pork products: Vietnam (US$ 16.41 million; +71.9%); Chile ($15.66 million; +107.5%); and Hong Kong ($15.48 million; +15.3%).

Chicken

Foreign sales of chicken meat totaled US$ 845.59 million (-3.1%), with a 7.8% increase in exported volume. China serves as the primary importer of fresh Brazilian chicken meat, with purchases amounting to US$ 124.44 million (+16.9%).

Additional importers include the United Arab Emirates (US$ 98.58 million; +10.2%); Japan ($87.83 million; +4.6%); Saudi Arabia (US$78.19 million; -22.9%); European Union (US$37.07 million; -8.8%); and South Korea ($33.08 million; -23.1%).

Cellulose pulp

Pulp constitutes the leading product exported by the sector, with record exports of US$ 816.54 million for July (+20.2%).

The exported volume also hit a record, amounting to 1.79 million tonnes (+6.0%). Forest product exports reached US$ 1.34 billion (-4.3%) in July this year.

China remains the primary importer of Brazilian pulp, accounting for US$ 499.91 million (+82.8%).

This figure represents 61.2% of the total export value for the product from Brazil.

Other pulp-importing markets include the European Union (US$ 98.40 million; -49.6% and a 12.1% share) and the United States (US$ 88.65 million; +22.2% and a 10.9% share).

Year-to-Date Record (January to July)

From January to July of this year, agribusiness exports have reached US$ 97.12 billion, reflecting a 3.9% increase.

The growth in soybean sales to China (+US$ 2.91 billion) and Argentina (+US$ 1.62 billion) has significantly impacted this result.

In the first seven months of the year, agribusiness accounted for 50% of Brazil’s total exports.

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