Brazilian agribusiness exports fall 1.3% and reach US$ 164.4 billion in 2024

Brazilian exports of agribusiness products generated US$164.37 billion last year, US$2.18 billion, or 1.3%, less than in 2023, reported the Ministry of Agriculture.

Despite the drop, it is the second highest value in the historical series, according to the ministry, ″even in the face of the decline in the prices of some of the main commodities″.

According to the ministry, agricultural exports accounted for 48.8% of Brazil's trade in 2024, which was stable compared to the previous year's 49%.

According to the Secretariat of Trade and International Relations of the Ministry of Agriculture, the performance of Brazilian agricultural exports last year was influenced by the 4.6% drop in the price index of exported products, partially offset by the 3.4% increase in export volume.

″The sector maintained its leading role by accounting for half of the country's total exports, this time bringing concrete results from the efforts of the Government and the private sector to achieve greater international insertion, through the diversification of products and destinations,″ said the Secretary of Trade and International Relations, Luís Rua.

According to the ministry, the reduction in sales of the soybean and cereal complex, a consequence of the smaller Brazilian harvest and flat international prices, was offset by the increase in exports of meat (+14.4%), sugar and alcohol complex (+13.3%), forestry products (+21.2%), and coffee (+52.6%).

Other sectors, such as textile fibers, juices, cocoa and its derivatives, and horticultural products, also recorded an increase in shipments.

The department also highlighted that shipments of sugar, green coffee, cotton, instant coffee, fresh pork, live cattle, dried beans, and beef tallow were record-breaking in terms of export value and volume.

Revenue generated by exports of cellulose, orange juice, and orange essential oil was record-breaking, while foreign sales of soybean meal, fresh beef, and beef offal reached the highest export volume in the historical series.

″Among the less traditional products on the export list, the following stand out: lemons and limes, chocolate and cocoa food preparations, dog and cat food, ginger, cocoa paste, and onions,″ the department noted.

In terms of export value, the primary sectors were the soy complex, with US$53.9 billion, accounting for 32.8% of total exports, meats (with US$26.2 billion, 15.9% of the total), sugar and alcohol complex (with US$19.7 billion, 12%), forestry products (US$17.3 billion, 10.5%), coffee (US$12.3 billion, 7.5%) and cereals, flours and preparations (with US$10 billion, 6.1%). Together, these segments accounted for 84.8% of agribusiness exports last year, 2.9 percentage points below the previous year.

Destinations

China remained the leading destination for Brazilian agribusiness products in 2024. Sales to the Chinese market totaled US$49.7 billion, a 17.5% drop compared to 2023, or US$10.54 billion less. As a result, China's share went from 36.2% in 2023 to 30.2% in 2024.

The main product exported to the Chinese was soybeans, with sales of US$31.5 billion (an annual drop of US$7.4 billion) and 72.6 million tons, or 63% of agribusiness exports. China purchased 73.4% of the total Brazilian soybean exports, 2.6% less year-on-year.

In addition to soybeans, corn, with a drop of US$3.2 billion, also influenced the lower results in agribusiness sales to China. The volume traded fell by 86%, with prices falling by 7.5%. Exports of pulp, beef, cotton, and tobacco to China increased.

The United States was the second destination country for Brazilian agribusiness, with shipments of US$12.1 billion (+23.1%). The US share of Brazilian agribusiness exports increased from 5.9% to 7.4% in one year. The main products exported to the United States were green coffee, pulp, fresh beef, and orange juice.

The Netherlands came in third place, with US$5.5 billion (+5.4%) and a share of 3.3%. Sales of pulp and orange juice were the highlights there. Markets such as Egypt (+91.4%), the United Arab Emirates (+46%), Belgium (+43.3%), Turkey (+31.2%), and Iran (+30.7%) also gained relevance in exports in 2024.

Balance

Imports of agricultural products grew 16.2% to US$19.302 billion in 2024, or 7.4% of the total imported into the country. The products that drove the increase were alcohol, olive oil, palm oil, and wheat. Thus, the agribusiness trade balance in 2024 was positive at US$145.066 billion, compared to US$149.879 billion in 2023.

Outlook for 2025

According to Minister Carlos Fávaro, the projection of a record grain harvest this year, estimated at 322.42 million tons by the National Supply Company (Conab), an increase of 8.5% between harvests, could positively affect agribusiness exports in 2025, due to the greater availability of grains that can be exported.

″The prospects for record harvests and production of various agribusiness products, combined with the continued effort to open and expand markets and the substantial increase in trade promotion actions carried out in partnership with Apex Brasil and the Ministry of Foreign Affairs, point to new records in volume and value this year,″ said Fávaro in the note.