Brazil’s agricultural sector has continuously increased, marking the fifth consecutive month of record export revenue in July 2023.
According to preliminary trade balance data, earnings from agricultural exports in July reached US$6.8 billion, an all-time high for the month.
The cumulative revenue from January to July amounted to US$50 billion, the highest figure ever recorded for this sector in the country during that period.
Soy remains the main export, earning US$4.9 billion in July and US$38 billion this year.
Corn comes in second, with US$1 billion in July and US$4.5 billion for the year.
Together, these two crops were responsible for 85% of Brazil’s agricultural revenue from external markets from January to July of 2023.
Unroasted coffee also made the top 3 agricultural exports, earning US$515 million in July and US$3.7 million in the year’s first seven months.
Brazilian farmers are expected to produce around 155 million tons of soy and 127 million tons of corn in 2023.
Most of this production will take place in the Central-West region, with a combined harvest estimate of 150 million tons for both crops.
Consequently, the harvest of these two crops in this region accounts for nearly half of the entire national grain production, making it the most significant segment of Brazil’s agricultural exports.