Brazil: Agribusiness exports hit record in January

For the first time, agribusiness exports exceeded US$10 billion in January.

Last month, the segment sold US$10.23 billion abroad, a growth of 16.5% in relation to January 2022 and the best result in history for the month.

The Ministry of Agriculture and Livestock released the numbers.

In January, agribusiness accounted for 44.4% of Brazilian exports.

According to the ministry, the record value resulted from a 10.5% increase in export prices and a 5.5% increase in the quantity shipped.

Agribusiness imports totaled US$1.54 billion in January, up 38.3% compared to January 2022 (US$1.12 billion).

The value includes only food, not inputs used in agricultural production, such as fertilizers, pesticides, parts, and equipment.

MAIN HIGHLIGHTS

Corn was the greatest highlight in the record exports, whose sales abroad totaled US$1.8 billion, up 166.4%.

The exported volume corresponded to 6.2 million tonnes, a record for January.

According to the Ministry of Agriculture, several factors influenced the result.

The ministry cites the slow pace of the soybean harvest, which made feasible the logistics of transport for the grain; the continuity of the conflict in Ukraine, which reduced the production of an important world supplier of corn; and the demand from China, after the authorization for commercialization in November of last year.

The foreign sales of meat (beef, pork, and chicken) reached almost US$2 billion and broke January’s records.

The avian flu in other regions of the planet favored chicken exports shipped by Brazil.

Besides this, the Chinese demand for meat remained high, influenced by the lunar new year celebrations in the Asian country.

With a 68% increase in relation to January of last year, sugar exports totaled US$870 million. Algeria, Nigeria, Morocco, Egypt, and China were the main buyers.

DELAY IN THE HARVEST

The performance of the agribusiness balance of trade could be better were it not for soybean.

The soybean complex (grains, meal, and oil) exported US$1.5 billion, a 26.6% decrease.

The exported volume fell 66% compared to January last year.

According to the Ministry of Agriculture, the volume of rain delayed the harvest in the main producing regions.

Even so, the National Supply Company (Conab) estimates a record production of 152.9 million tonnes of grain in its most recent survey, released this month.

Editing: Fábio Massalli