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Export Volume Grows 9% in Q1, Revenue Increases Nearly 3%

Writer's picture: Ipasai NewsIpasai News
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The Brazilian agribusiness sector remains robust in meeting domestic and international demands for fibers, food, and energy. Research from Cepea (Center for Advanced Studies on Applied Economics) of Esalq/USP, based on data from the Ministry of Development, Industry, Commerce and Services (MDIC), and the Foreign Trade Secretariat (Siscomex system), shows that from January to April this year, revenue from agricultural product exports totaled $52 billion, a 2.7% increase compared to the same period in 2023.


Cepea researchers highlight that the revenue growth is linked to a 9% increase in the volume exported by Brazil in the first four months of the year, despite a 6% drop in dollar prices during the period. The external sales boost was driven by significant increases in exports of cotton (230%), sugar (80%), coffee (50%), fresh beef (41%), soybean meal (21%), soybeans (10%), paper (24%), and pork (3%).


China remained the largest trading partner for Brazilian agribusiness, though its share in the total export value decreased. Meanwhile, the United States and Middle Eastern countries, such as the United Arab Emirates and Saudi Arabia, increased their participation. Other countries that have strengthened their trade relations with Brazilian agribusiness include India, Egypt, Mexico, and Turkey.


Outlook for 2024:

Cepea researchers believe that the demand for food, fiber, and energy will remain strong in 2024. Despite expectations of lower growth rates for major global economies, the rising global population and the increasing income of importing countries should support demand.


On the supply side, attention in the coming months will focus on the harvest progress in the Northern Hemisphere, while countries in the Southern Hemisphere, such as Brazil and Argentina, will complete grain harvests and prepare for the 2024/25 production cycle.


Changes in global supply compared to market expectations could lead to variations in international agricultural product prices.

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