2022 began as a positive year for the Brazilian rural producers. In January, exports hit US$ 8.8 billion, which represents a 57.5% increase compared to the same period in 2021. This result means a surplus of US$ 7.7 billion in the agribusiness trade balance.
The main product in our agribusiness export line in that month was soybean, with a share of 14% and US$ 1.2 billion worth, which means an impressive increase of 5,223.9% compared to the same period in 2021. The second main export product was fresh beef, which showed a 50.3% increase compared to January 2021 and US$ 727.7 million worth. Corn, green coffee, and soy bran complete the list of the most exported products.
Our main export destination in January 2022 was China, with a share of 23.6%, followed by the European Union (18.4%) and the United States (8.3%). Other countries also had remarkable participation: Japan (2.9%), Vietnam (3%), Egypt (2.7%), South Korea (2.5%), India (2.5%), Indonesia (2.4%), and Saudi Arabia (2%).
Some destination countries showed a significant performance in January 2022 compared to January 2021. Among these, the highlights are India, driven by the exports of crude soy oil (an increase of US$ 188.6 million); and China (+119.8%), driven by soybean exports (an increase of US$ 984.3 million).
Trade balance highlight: cellulose
Brazil is one of the largest exporters of cellulose, responsible for about 15% of worldwide production and 30% of global exports. In 2021, Brazilian exports reached approximately US$ 6.5 billion, an increase of 12.6% compared to 2020. In January 2022, Brazilian exports of the product reached a total of US$ 633.8 million.
The main destination of Brazilian cellulose exports is China, followed by the EU and the USA. In January 2022, exports to these three destinations registered a significant increase, compared to the same month in 2021: China (+78.3%), EU (+29.3%), and USA (+62.4%).
All our trade balance data and charts are available on this link.
Conservative projections
Our last report on the Gross Production Value (GPV) shows the continuous growth in Brazilian agricultural exports. The Brazilian Confederation of Agriculture and Livestock (CNA) estimates that, by the end of 2022, the agriculture GPV will reach R$ 1.29 trillion (approx. US$ 251.3 billion). This projection is based on reports and data from January 2022.
The projection also shows an increase of 2.5% compared to 2021. The GPV projection of livestock farming for 2022 is 4.1% higher than the result from 2020, reaching R$ 427.7 billion. These projections are still conservative, but the results depend on a good performance of crops in the countryside and on a year without international embargoes, which can greatly harm Brazilian exports.