Brazil’s Agribusiness Exports to China Reach New Heights

From August 2023 to July 2024, Brazil’s agribusiness exports to China increased by 8.9%, reaching $57.94 billion.

This announcement comes from the Secretariat of Commerce and International Relations under Brazil’s Ministry of Agriculture.

The growth coincides with the celebration of 50 years of diplomatic ties between the two nations.

In 2023, Brazil broke its previous record, exporting over $60 billion in agricultural products to China.

This marked a $9 billion increase from 2022. Forecasts suggest this upward trend will persist.

In the first half of this year alone, Brazil has already exported agricultural goods worth $28.44 billion to China.

Key exports to China include soybeans, corn, sugar, beef, chicken, cellulose, cotton, and fresh pork.

Alongside exporting, Brazil also imports forestry and textile products from China.

Background

In the first seven months of 2024, Brazilian exports reached an unprecedented $198.2 billion.

This marks a 2.4% increase from the previous year, according to the Ministry of Development, Industry, Commerce, and Services (MDIC).

Stability and robust growth characterize this period, unlike the previous year’s fluctuations.

Herlon Alves Brando, Director of Commercial Planning and Intelligence at MDIC, observed consistent growth in all major export categories.

Despite a reduced harvest, soybeans outperformed expectations, increasing their export volume by 4.1%. Conversely, corn exports declined following a reduced harvest.

Soybeans topped the export list with nearly $33 billion in sales, followed by crude oil and iron ore, which brought in $27.8 billion and $16.3 billion, respectively.