Brazilian agribusiness continues on a positive growth trend. In February, exports hit US$ 10.5 billion, which represents a 65.8% increase compared to the same period in 2021. This result means a surplus of US$ 9.3 billion in the agricultural trade balance.
The main product in our agribusiness export line in that month was soybean, with a share of 29.9% and US$ 3.1 billion worth, which means an increase of 203.4% compared to the same period in 2021. The second main export product was fresh beef, which showed a 91.9% increase compared to February 2021 and US$ 889.4 billion worth. Green coffee, soy bran, and fresh chicken meat complete the list of the most exported products.
Our main export destination in February 2022 was China, with a share of 31.2%, followed by the European Union (16.2%) and the United States (8.4%). Other countries also had remarkable participation: Thailand (2.4%), Vietnam (2%), Indonesia (2%), Russia (1.9%), Turkey (1.9%), South Korea (1.7%), and Japan (1.7%).
Some destination countries showed a significant performance in February 2022 compared to February 2021. Among these, the highlights are Thailand (+328.7%), driven by the exports of crude soy oil (an increase of US$ 111.3 million); and Russia (+267.6%), driven by soybean exports (an increase of US$ 70.4 million).
Trade balance highlight: orange juice
Brazil is one the largest exporters of orange juice, responsible for about 40% of worldwide global exports. In 2021, Brazilian exports reached approximately US$ 1.6 billion, an increase of 13.9% compared to the previous year. In 2022, Brazilian exports of the product reached a total of US$ 270.9 million.
The main destination of Brazilian orange juice exports is the European Union, demanding 63.2% of the total sold by Brazil in 2021. The second main destination is the United States, with 20.4% of Brazilian exports.
All our trade balance data and charts are available on this link.
Optimistic projections
Our last report on the Gross Production Value (GPV) shows the continuous growth in Brazilian agricultural exports. In 2022, the GPV is projected at R$ 1.37 trillion (approx. US$ 276.2 million), according to the Brazilian Confederation of Agriculture and Livestock (CNA).
The GPV represents the gross income in rural businesses, considering crop and livestock production and the average price received by producers throughout the country. This projection is based on reports and data from February 2022.
The projection also shows an increase of 7.5% compared to 2021. The GPV projection of livestock farming for 2022 is 5.3% higher than the result from 2021, reaching R$ 452.8 billion.