Exports from Brazil down overall, agribusiness up
While exports from Brazil were down overall in August, the country’s agribusiness exported more, the Ministry of Economy reported on Tuesday (1st). Brazil’s exports dropped by 9.6% year on year, from USD 19.6 billion to USD 17.7. Agribusiness exports, however, climbed by 9% year on year, from USD 3.6 billion to USD 3.98 billion.
The most exported agribusiness items were soy, cotton, fruits and nuts, vegetables, rice, honey, spices, rye, flaxseed, and others. Soy was the product that generated the highest revenue from exports at USD 2.2 billion, followed by maize at USD 1 billion, and coffee at USD 370 million. But maize and coffee sales were down.
The Ministry of Economy classifies sugar, beef, poultry, and other products from farms that are processed before being exported as part of the converting industry and not agribusiness in the trade balance. Converting industry exports declined in August, but sugar and beef were up. Poultry sales declined.
In August Brazil increased its exports to Asia and sold less to regions such as Europe, Africa, North America and the Middle East. The Asians purchased USD 8.6 billion in Brazilian products last month, accounting for 48.6% of Brazil’s exports. The Middle East bought USD 924 million, accounting for 5.2% of exports.