Brazilian agricultural exports reach US$ 16.6 billion in May 2023


The Brazilian agribusiness trade balance data for May show how our exports keep growing year after year. This month, the value of goods traded abroad reached US$ 16.6 billion, a 10% increase when compared to the same period in 2022. The results compensated for a decreasing trend of the entire Brazilian trade balance. In all, at the month’s end, agriculture and livestock products had a surplus of US$ 15.2 billion.

In May, the leading product in our agribusiness export line was soybean, which made up 48.9% of total exports and yielded US$ 8.1 billion in revenue, an increase of 22.9% compared to the same period in 2022. The second most exported product was soybean bran, which saw an increase of 32% when compared to May 2022 and yielded US$ 1.4 billion. The other notable exports in the Brazilian agribusiness line were raw sugarcane, fresh beef, and fresh chicken meat.

Brazil’s main export destination in May 2023 was China, with a share of 40.7%, followed by the European Union (13.9%) and the United States (5%). Other countries also had remarkable shares: Argentina (3.9%), Thailand (3.4%), Turkey (2%), Indonesia (1.9%), India (1.9%), Mexico (1.8%), and South Korea (1.7%). Some destination countries showed a significant performance in May 2023 compared to May 2022. Among these countries, the highlights are Argentina (+175.6%), driven by soybean exports (an increase of US$ 418.9 million); and South Korea (+74.1%), driven by soybean bran exports (an increase of US$ 85.3 million).

Trade balance highlight: soybean

In the 2021/2022 harvest, Brazil was the world leader in soy production, with 125.5 million tons. For the 2022/2023 harvest, the National Supply Company (Conab) foresees that the Brazilian production of soybeans will reach 155.7 million tons, an increase of 24% over the previous harvest. Brazil is also the largest world exporter of soybeans. In 2022, Brazilian exports were approximately US$ 46.6 billion, an increase of 20.5% over the previous year.

In the year 2023, between the months of January and May, Brazilian exports reached US$ 26.5 billion, corresponding to an increase of 9.6% compared to the same period in 2022. In the same period, in volume, exports totaled 49.0 million tons, which represents an increase of 13.9% compared to 2022. The annual performance both in value and volume represents the highest in the analyzed period, 2013-2023. By 2023, the top three destinations for exports of the featured product are China (US$ 18.6 billion; 70.1% of the total); European Union (US$ 1.7 billion; 6.5%); and Argentina (US$ 1.0 billion; 3.8%).

In regards to international prices of the product, according to the World Bank, a downward trend is observed beginning in July 2022. In the analyzed period, 2013-2023, the peak of the product’s price index occurred in June 2022, when it reached US$ 737.06 per ton. In 2023, in the year to May, prices registered a drop of 9.2% in relation to the average price in the same period of 2022. Considering only the month of May, the price presented a reduction of 17.8% in relation to the price in May 2022.