Brazilian agriculture exports reached a new high of US$37.44 billion from January to March 2024, up 4.4% from US$35.85 billion sold in the same period the previous year. The Ministry of Agriculture and Livestock's Secretary of Commerce and International Relations (SCRI/Mapa) claims that this gain in value is a result of the expansion in the quantity exported, as the 14.6% increase in the quantum index more than offset the 8.8% decrease in the price index. During the period, agribusiness accounted for 47.8% of Brazil's total foreign sales, which is somewhat higher than the 47.3% recorded in the first quarter of 2023.

The spike in foreign sales of sugars (+US$2.52 billion), cotton (+US$997.41 million), and green coffee (+US$563.64 million) during the course of these three months was the primary driver of the balance and the primary cause of the rise in Brazilian exports. The increase in soybean exports (-US$ 901.30 million) and soybean oil (-US$ 543.45 million) more than made up for the decline in corn exports (-US$ 1.2 billion).

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Soybean Dominates Despite Drop in Brazil's Agribusiness Exports

The amount exported in March came to $14.21 billion USD. In comparison to the US$15.93 billion in March 2023, the amount was 10.8% less. The global decline in food prices explains the outcome. Despite a 1.3% increase in export volume, the price index of Brazil's agriculture products dropped 11.9% in March 2023 as compared with the same month the previous year. Soybean complex (44.3% of Brazilian agribusiness exports), beef (12.8%), sugar and alcohol complex (11.3%), forest products (9.4%), and coffee (5.7% share) were the top five exporting sectors in March. 83.4% of Brazil's overall export value for the month came from these five industries. With a share of 35.9% in Brazilian agricultural exports, or US$5.10 billion (-23.0%), China continues to top the podium among the nations that acquire Brazilian agriculture products.

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