Brazilian agribusiness surpasses US$10 billion in monthly exports for the first time

Brazilian agribusiness exports, in November of this year, reached US$12.65 billion, surpassing for the first time, for the month of November, the figure of US$10 billion. This value was 51.2% higher when compared to the US$8.36 billion exported in November 2021. 

The export record was a result of the increase in export volume (+29.3%), but also influenced by prices high average exports (+16.9%), according to data from the Ministry of Agriculture and Livestock.

The increase in corn export volume (+3.7 million tonnes) and sugar (+1.3 million tonnes) largely explain the favorable performance in the volume of Brazilian agribusiness exports.

Imports of agricultural products were US$1.48 billion in November 2022, an increase of 2.2% compared to the amount acquired in November last year. In this way, the balance registered amounts US$11.6 billion. This agribusiness balance does not consider inputs used in agricultural production, such as fertilizers, pesticides, parts and equipment. The share of agribusiness in total exports was 44.9%.

With this increase in volume, Brazil has already sold 145.3 million tonnes abroad this year. In foreign currency, in the 11 months of the year, Brazilian agribusiness exports totaled US$148.26 billion, a record value for the period in the historical series since 1997.

In November, the five main agribusiness export sectors were the soy complex (21.7% share); meats (15.2%); cereals, flours and preparations (14.7%); sugar and alcohol complex (14.5%); and forest products (10.6%). These sectors accounted for 76.7% of the total value exported by Brazil in agribusiness products in November.

The soy complex exported US$2.74 billion, which meant growth of 31.9% compared to November last year. Foreign sales of soy reached US$1.62 billion. The export value of soybean meal was US$817.44 million (+56.9%) and soybean oil reached US$ 310 million (+30.7%).

Meat exports set a record for the month of November, reaching US$1.92 billion (+47.2%). Beef was the meat with the highest export value, US$870 million (+76%). External sales of chicken meat reached US$ 762.13 million (+29%). There were also record exports of pork, with US$228.12 million.

Cereals, flours and preparations recorded foreign sales of US$1.86 billion (+243.8%). Corn exports accounted for almost all the value exported by the sector, surpassing, for the first time, the figure of US$1 billion for the months of November, with records of US$1.73 billion in November 2022 (+255, 8%). The volume exported was also a record for the month of November, reaching 6.06 million tonnes (+154%).

The sugar and alcohol complex exported US$1.83 billion, an increase of 83.5% compared to the US$999.29 million exported in November/2021. Sugar was the main product exported by the sector, with US$1.66 billion (+78.7%), with volume expansion of 53.1% and 16.8% in the average export price. That is, the increase in sugar exports is explained, for the most part, by the increase in export volume. 

With information from Forbes