Agro exports set new record but share percentage of export basket decreases

Driven by soy and meat, agribusiness exports this year registered the best September in history, according to the Ministry of Agriculture, Livestock, and Food Supply. Revenue from exports last month reached US$ 10.1 billion, 21% higher than in September 2020.

In the same comparison, the export volume dropped 5.1%, according to a press release issued by the Department of Commerce and International Relations, but revenues grew because international prices for exported products rose 27.6%.

Despite the strong exports, agribusiness lost share percentage in the trade balance, since, also as a reflection of the high prices, Brazilian exports of other commodities increased 43.5%. In September last year, agribusiness represented 45.8% of total exports; this year, the sector now represents 41.6% of the total.

Brazil also paid more to import agribusiness products. Imports grew 19.2% last month, to $1.25 billion, reflecting an increase in the average prices of items such as wheat and palm oil, which rose 24.7% and 77.7%, respectively.

Soybeans and meat on the rise
The soy complex accounted for almost a third of export revenue last month. The country shipped 50% more soy than in September 2020, totaling US$ 3.19 billion.

The chart below shows the history of Brazilian soybean exports since 2018. Data are from DataLiner:

Brazilian Soy Exports (HS 1201) | Jan 2018 to Aug 2021 | WTMT

Source: DataLiner (To request a DataLiner demo click here)

Exports of beef, pork, and chicken also set new records; Brazil had never exported more than US$ 2 billion during the month of September. This year, sales abroad were US$ 2.21 billion, an increase of 62.3% compared to September 2020.

See below a history of Brazilian meat exports since January 2018. Data are from DataLiner:

Brazilian Meat Exports (HS 0202, 0203, and 0207) | Jan 2018 to Aug 2021 | WTMT

Source: DataLiner (To request a DataLiner demo click here)

 

Beef sales abroad grew 77.7%, to US$ 1.19 billion, setting a new record. The volume of 212,000 tons was also a new record.

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