Brazilian Agribusiness exports set October record at $14.27 billion

In October, Brazilian agribusiness exports reached a record $14.27 billion, marking a 6.2% increase from the $13.43 billion recorded in October 2023. This growth was fueled by a 3.7% rise in export volume and a 2.5% increase in prices. 

“Brazil's export volume has been steadily rising. Although there was a 0.2% decline in exports from January to September 2024, the 6.2% growth in October has reversed this trend. From January to October, the agribusiness sector grew by 0.3% compared to the same period last year. Agribusiness now accounts for nearly half of all Brazilian exports,” said Luis Rua, Secretary of Trade and International Relations at the Ministry of Agriculture and Livestock (SCRI/Mapa). 

According to SCRI/Mapa, the leading export sectors were the soybean complex, meat, the sugar-alcohol complex, forestry products, coffee, and cereals, flours, and preparations. These six sectors made up 82.7% of agribusiness exports in October, totaling $11.80 billion. 

There was significant volume growth in several key products, including raw cane sugar (+1 million tons), soybean meal (+452,560 tons), cellulose (+423,430 tons), and meat (+190,670 tons).   

KEY AGRICULTURAL PRODUCTS 

Meat exports reached $2.62 billion in October 2024, a 38.6% increase. This $729.75 million rise in sales helped offset declines in grain exports (mainly soybeans and corn). Beef stood out, achieving $1.36 billion in exports, with $1.26 billion coming from fresh beef—a historic high in both value and volume (270,330 tons). 

Brazilian sugar exports also continued to rise in 2024. In October, 3.73 million tons were shipped, a 29.8% increase. Although prices dropped to $473 per ton (-11.8%), total revenue reached $1.76 billion. 

The coffee sector set a new record, with October exports at $1.40 billion, up 61.1%. This figure was $529.84 million higher than October 2023. Green coffee exports hit record highs in both value ($1.31 billion, up 62.7%) and volume (279,260 tons, up 12.0%). 

Other notable products that saw export value growth included orange juice, uncarded or uncombed cotton, live cattle, dry beans, and orange essential oil, contributing to a $362.01 million increase in October 2024 compared to the previous year. 

YEAR-TO-DATE COMPARISON (JANUARY-OCTOBER 2024 VS. JANUARY-OCTOBER 2023) 

From January to October 2024, agribusiness exports totaled $140.02 billion, a 0.7% increase over the $139.62 billion exported during the same period in 2023, setting a record for the period. 

This achievement was mainly due to a 6.6% rise in export volume. However, a 5.9% drop in the price index limited the potential for an even higher export value. 

Agribusiness accounted for 49.2% of Brazil's total exports during this period.