Trends/Faria: We had an agricultural GDP forecast of 0.9% in 2024, but we will revise it to close to 0% in Brazil

Market & Price Trends
Published Mar 2, 2024

Tridge summary

Brazil's agricultural GDP is expected to see negligible growth in 2024, according to Tendências Consultoria, which has revised down its previous forecast of 0.9% growth. The consultancy attributes this to smaller soybean and corn harvests and increased international competition. The performance of livestock farming, which saw a 13.2% growth last year, could be a decisive factor for the agricultural GDP in 2024, but this will depend on the purchasing power of families and the level of exports, especially as Chinese imports of meat have slowed.
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

By Leandro Silveira São Paulo, 03/01/2024 - Tendências Consultoria works with the prospect that Brazil's agricultural Gross Domestic Product (GDP) will grow close to 0% in 2024. The consultancy previously predicted that the increase would be 0 .9%, but will now review it, as economist Gabriela Faria, analyst at Tendências Consultoria, reported to Broadcast Agro. The economist highlights the impact of smaller soybean and corn harvests, as well as greater competition from production in other countries, which also tends to reduce demand for Brazilian grain. "The year 2024 is a completely opposite scenario to 2023. El Niño has greatly affected the production of soybeans and corn, as well as other crops will grow less than they could," he said. With smaller corn and soybean harvests already defined, livestock farming could be a decisive factor for the performance of agricultural GDP in 2024. Tendências works with the projection that the sector had growth of 13.2% last year and ...
Source: Broadcast
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