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Brazilian Agribusiness Exports Reach Record Levels in the First Quarter of 2024

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Brazil's agribusiness sector recorded a record in exports during the first quarter of 2024, with total sales reaching US$ 37.44 billion. This figure represents a significant increase of 4.4% compared to the same period last year, when exports amounted to US$ 35.85 billion.


According to data from the Secretariat of Commerce and International Relations of the Ministry of Agriculture and Livestock (SCRI/Mapa), this growth was mainly driven by the increase in the quantity of products exported, with a 14.6% increase in total volume. This increase in quantity offset the decline in prices, which decreased by 8.8%.


Agribusiness maintained its position as the main driver of Brazilian exports, accounting for 47.8% of the country's total exports during the period. This performance is slightly higher than that observed in the first quarter of 2023, when agribusiness accounted for 47.3% of total exports.


During the first three months of 2024, exports were led by increased sales of sugar, cotton, and green coffee, which were the main drivers of the increase in Brazilian exports. This positive performance compensated for the decline in exports of corn, soybeans, and soybean oil.


In March 2024, exports totaled US$ 14.21 billion, a 10.8% decrease compared to the same month the previous year. This reduction can be attributed to the international decline in food prices. Despite this, there was a 1.3% increase in the quantity exported.


The top five exporting sectors in March were: the soybean complex, meats, the sugarcane and alcohol complex, forestry products, and coffee, which together accounted for 83.4% of the total value exported by Brazil in the month.


China remained the main destination for Brazilian agribusiness exports, accounting for 35.9% of the total exported, equivalent to US$ 5.10 billion. Despite the decrease compared to the previous year, China remains a crucial market for Brazilian agribusiness.

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