Brazilian agribusiness set a record for exports in April, reaching $15.24 billion

In April 2024, Brazilian agribusiness exports hit a record $15.24 billion, a 3.9% increase from $14.67 billion in April 2023. This accounted for 49.3% of Brazil's total exports. 

This growth was primarily driven by a 17.1% increase in shipped volume. However, a drop of 11.3% in the average prices of agricultural products prevented an even larger rise in export values. 

Brazil's grain exports reached nearly 18.5 million tons in April 2024, a 6.7% increase compared to 17.3 million tons in April 2023. 

According to the Brazilian Secretariat of Trade and International Relations, the key products contributing to this growth were sugar cane, fresh beef, coffee, non-carded and non-combed cotton, and cellulose. 

Soybeans, the top export product in Brazilian agribusiness, made up the majority of sector exports. The exported volume reached 14.70 million tons, an increase of 362.4 thousand tons from April 2023, marking the third highest monthly volume ever recorded. China remained the main importer of Brazilian soybeans, purchasing nearly ten million tons, equivalent to $4.29 billion. 

Brazilian meat exports totaled $2.21 billion in April 2024, a 27.5% increase from April 2023. Beef exports alone amounted to $1.04 billion (+69.2%), with the volume increasing from 133.40 thousand tons to 236.77 thousand tons (+77.5%), setting a record for April. The surge in demand from China for fresh Brazilian beef significantly contributed to this growth. 

The sugarcane-alcohol sector also set new records. In April 2024, exports from this sector reached $1.07 billion, a 77.6% increase from $600.07 million in April 2023. This growth was driven by a nearly doubled volume of sugar exports (+94.7%) between April 2023 and April 2024. 

In the first quarter of 2024, Brazilian agribusiness exports reached a record high of $52.39 billion, a 3.7% increase from $50.52 billion in the same period the previous year. The main driver was a 14.8% increase in shipped volume, which offset a 9.6% drop in the price index. 

The key products driving export growth in the first four months of 2024 were raw sugar cane (+$2.41 billion), non-carded and non-combed cotton (+$1.36 billion), green coffee (+$958.32 million), fresh beef (+$814.62 million), and refined sugar (+$589.73 million). The combined increase in exports of these five products amounted to $6.13 billion, while the overall growth in total exports was $1.87 billion.