In the first two months of 2024, Brazil witnessed a notable 24% decline in rice exports, shifting from 239.4 thousand tons in the same period in 2023 to 182.1 thousand tons.
The downturn led to reduced foreign exchange earnings, dropping from $74.5 million to $60.8 million, as reported by Abiarroz.
The significant increase in domestic rice prices, surpassing international levels, played a crucial role in this shift, influencing Brazil’s competitiveness in the global rice market.
February’s exports reached 98.5k tons, yielding $34.3M, compared to January’s 83.6k tons, earning $26.5M.
Despite a 2% decrease, processed rice exports increased foreign exchange earnings from $47M to $51.3M.
Key markets for Brazilian rice in early 2024 included Senegal, Gambia, the United States, Peru, Venezuela, and several other countries.
On the flip side, rice imports to Brazil surged by 48%, with 339.4 thousand tons imported, costing $141.6 million.
However, this marks a substantial rise from the previous year’s imports of 229.9 thousand tons at $74 million.
This evolving scenario underscores the impact of domestic pricing on Brazil’s position in the global rice market.
It reflects broader economic dynamics and the country’s trade strategy’s responsiveness to global market conditions.