Brazilian agribusiness continues on a positive growth trend. In September 2022, exports hit US$ 14 billion, representing a 38.4% increase compared to the same period in 2021. Year-to-date, the growth is 30.5%. These results represent a surplus of US$ 12.4 billion in our agricultural trade balance.
In September, the main product in our agribusiness export line was soybean, with a share of 18.7% and US$ 2.6 billion in sales, which means an increase of 6.6% compared to the same period in 2021. The second most exported product was corn, which showed a 258.7% increase compared to September 2021 and US$ 1.9 billion worth. Fresh beef, raw sugarcane, and soybean bran complete the list of the most exported products.
Our main export destination in September 2022 was China, with a share of 26.4%, followed by the European Union (17.1%) and the United States (6.1%). Other countries also had remarkable participation: Iran (4.7%), Japan (3.4%), Indonesia (2.3%), South Korea (2.2%), India (2%), and Egypt (1.7%).
Some destination countries showed a significant performance in September 2022 compared to September 2021. Among these, the highlights are Iran (+242.1%), driven by soybean exports (an increase of US$ 222.9 million); and Indonesia (+150.3.7%), driven by soybean bran sales (an increase of US$ 118 million).
Trade balance highlight: corn
Brazil is the world’s third-largest corn producer. According to the National Supply Company’s (CONAB) projections made in October 2022, in the 2022-2023 crop year, Brazil’s corn production should increase by 12.5% compared to the previous crop year, thus reaching a production of 126.9 million tons.
In 2021, Brazil was the world’s fourth largest corn exporter, with sales reaching 20.4 million tons, corresponding to US$ 4.1 billion. That performance exceeded in the year up to September 2022: total exports have already reached 24.7 million tons and US$ 6.8 billion. Throughout the year, the three main destinations for corn exports are Iran (19% of the total), Spain (12%), and Egypt (12%).