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Brazilian agribusiness exports break record in the first quarter of 2024 and reach US$37.44 billion

Market & Price Trends
Published Apr 12, 2024

Tridge summary

Between January and March 2024, Brazil's agribusiness exports soared to a new high of US$37.44 billion, a 4.4% increase from the previous year, despite a global drop in food prices. This growth was fueled by a significant rise in the volume of exports, particularly sugar, cotton, and green coffee, although there was a decline in the exports of corn, soybeans, and soybean oil. Agribusiness constituted nearly half of Brazil's total exports during this period. However, March saw a 10.8% decrease in exports compared to the same month in 2023, with a total export value of US$14.21 billion, mainly due to reduced global food prices. The soybean complex, meat, sugar and alcohol complex, forest products, and coffee were the leading sectors in March, comprising 83.4% of the total export value. China remained the top importer of Brazilian agribusiness products, despite a 23% reduction in its imports.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

From January to March 2024, Brazilian agribusiness exports totaled US$37.44 billion, a record for the period, representing a growth of 4.4% in relation to the US$35.85 billion exported between January and March 2023. According to the Secretariat of Commerce and International Relations of the Ministry of Agriculture and Livestock (SCRI/Mapa), this increase in value reflects the expansion in the quantity shipped, since the quantum index increased by 14.6%, compensating for the drop in price index, which was 8.8%. Agribusiness represented 47.8% of Brazil's total foreign sales in the period, slightly above the 47.3% observed in the first quarter of 2023. In these three months, the balance was driven mainly by the increase in foreign sales of sugar (+US$2.52 billion), cotton (+US$997.41 million) and green coffee (+US$563.64 million) , mainly responsible for the increase in Brazilian exports. The good result in sales of these products offset the drop in corn exports (-US$ 1.2 billion); ...
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