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China fuels record Brazilian agricultural exports

The South American giant continues to grow its agricultural might, breaking its records for corn, soybeans and soybean meal.

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The South American giant continues to grow its agricultural might, breaking its records for corn, soybeans and soybean meal.

ARTICLE BY

PUBLISHED

UPDATED: 21 Dec 2023, 11:10 pm

Official data released by the Brazilian Ministry of Agriculture and Livestock, and cited by Lusa, shows that the country’s agricultural exports reached a record US$15.63 billion in August.

The figure represents an increase of 6.6 percent over the same period last year and corresponds to 50.4 percent of the total value of goods exported by Brazil. Authorities cited the decline in international food prices as driving these results.

The August figures broke records in value and quantity of corn, soybeans and soybean meal exported from Brazil.

[See more: China takes lead as main Brazilian corn importer]

Brazil is one of the world leaders in agricultural exports. The recent figures build on the country’s dominance of the soybean market and put it ahead of the US for the first time in corn exports.

Much of Brazil’s agricultural products went to China, now the world’s largest importer of such commodities. China was the main buyer of corn and soybeans last month, as well as the largest single buyer of cereals.

Authorities noted that, from January to August, Brazil’s total agricultural exports rose 4.2 percent over 2022, to US$112.68 billion.

 

UPDATED: 21 Dec 2023, 11:10 pm

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