Brazilian agribusiness continues on a positive growth trend. In August 2022, exports hit US$ 14.8 billion, which represents a 35.9% increase compared to the same period in 2021. Year-to-date, the growth is 29.5%. These results mean a surplus of US$ 13.1 billion in our agricultural trade balance.
In August, the main product in our agribusiness export line was soybean, with a share of 25.7% and US$ 3.8 billion worth in sales, which means an increase of 20.8% compared to the same period in 2021. The second major exported product was corn, which showed a 144.7% increase compared to August 2021 and US$ 2 billion worth. Fresh beef, raw sugarcane, and soybean bran complete the list of the most exported products.
Our main export destination in August 2022 was China, with a share of 30.8%, followed by the European Union (15.2%) and the United States (6.1%). Other countries also had remarkable participation: Iran (5.7%), Japan (3.4%), Indonesia (2.4%), India (2%), Egypt (2%), South Korea (1.9%), and Saudi Arabia (1.7%).
Some destination countries showed a significant performance in August 2022 compared to August 2021. Among these, the highlights are India (+389.1%), driven by exports of crude soybean oil (an increase of US$ 149.7 million); and Iran (+217.7%), driven by sales of soybean (an increase of US$ 248.4 million).
Trade balance highlight: fresh beef
The estimates of the United States Department of Agriculture (USDA) predict that Brazilian beef production should reach around 9.9 million tons in 2022. This achievement makes the country the second largest producer in the world, only behind the United States, which should reach 12.7 million tons. When considering the global scenario, the USDA assessment shows that the demand for beef should remain consistent, despite inflationary pressures and persistent logistical issues.
For 2022, the USDA foresees that Brazilian beef exports should reach almost 2.8 million tons, remaining the main world supplier. In 2022, year-to-date until August, Brazilian exports of fresh beef were worth US$ 8.0 billion, a 46% growth compared to the same period in 2021. The main destination of exports of its featured products is China (66.7% of the total), which shows a concentration in exports.
Regarding international beef prices, an increasing tendency is observed from January 2021 until March 2022, with a decrease from then on. Still, considering the accumulated until August 2022, the prices per kilogram of beef in US dollars increased on average by 16.5%, according to the World Bank. Considering only the month of August, the kilogram of beef is traded for US$ 5.71 (+1.8% compared to the price in August 2021).