Brazilian agribusiness exports exceed USD 15 billion in May

In May 2024, Brazil's agribusiness exports totaled USD 15.05 billion, representing 49.6% of the country's total exports. This amount was 10.2% lower compared to the USD 16.76 billion exported in May 2023. In absolute terms, there was a USD 1.71 billion decrease in external sales. The decline resulted from lower average export prices and a reduction in the overall volume exported. 

The products that most contributed to mitigating the decline in exports for the month were green coffee (+USD 392.21 million), uncarded and uncombed cotton (+USD 337.30 million), cellulose (+USD 298.95 million), and raw cane sugar (+USD 114.63 million). 

BRAZILIAN AGRICULTURAL PRODUCTS 

A key highlight of Brazilian agribusiness exports, the sugar and alcohol complex, continues to set export records. The sector increased its exports from USD 1.24 billion in May 2023 to USD 1.43 billion in May 2024, a 15.3% rise. The record volume of sugar exported in May significantly contributed to this strong performance. 

The National Supply Company (Conab) estimated a production of 46.3 million tons of sugar for the 2024/2025 harvest, the highest volume in the historical series. With this record production, Brazil exported 2.81 million tons of sugar in May, a 16.7% increase. 

Meat products also rank among the top export sectors of Brazilian agribusiness, accounting for 14.2% of all agribusiness external sales. In May 2024, meat exports totaled USD 2.13 billion, a 2.0% increase from the USD 2.09 billion exported in the same period of 2023. 

Record shipments were noted in three types of meat: 211.98 thousand tons of fresh beef (a record for all months); 430.26 thousand tons of fresh poultry (a record for May); and 91.63 thousand tons of fresh pork (also a record for May). 

Forest products ranked third among the top export sectors, registering USD 1.55 billion in external sales, a 25.5% increase. Unlike the soy complex and meats, there was an increase in the average export prices of forest products. The main reason for this rise was the increase in the international price of cellulose, which went from USD 403 per ton in May 2023 to USD 551 per ton in May 2024, a 36.8% increase. China remains the primary importer of this Brazilian product. 

EXPORTS FROM JANUARY TO MAY 

In the first five months of 2024, Brazilian agribusiness exports totaled USD 67.17 billion, a 0.2% decrease. This decline was due to a 9.8% drop in the prices of exported products, even though the quantity index showed a growth of 10.7% during this period. Agribusiness accounted for 48.4% of Brazil's total exports. 

TWELVE-MONTH ACCUMULATED PERIOD (JUNE 2023 TO MAY 2024) 

Over the last twelve months, Brazilian agribusiness exports totaled USD 166.38 billion, representing a 2.4% increase from the USD 162.53 billion exported in the previous twelve months. Agribusiness products accounted for 48.5% of Brazil's total exports during this period. 

Imports, meanwhile, totaled USD 17.49 billion, a 1.3% decrease from the USD 17.72 billion recorded in the previous twelve months, accounting for 7.2% of Brazil's total purchases during the period.

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