In September, the Brazilian agribusiness trade balance data showed the country is heading for a positive year-end. That month, the value of goods traded abroad reached US$ 13.1 billion, a 1.1% drop compared to the same period in 2022. Despite the downturn, the year-to-date result shows a 2.7% increase in our exports compared to 2022.
The leading product in our September agribusiness export line was soybean, which made up 24.3% of total exports and yielded US$ 3.3 billion in revenue, an increase of 31.8% compared to the same period in 2022. The second most exported product was corn, which increased 10.2% compared to September 2022 and yielded US$ 2 billion. The other notable exports in the Brazilian agribusiness line were raw sugarcane, fresh beef, and soybean bran.
Brazil’s main export destination in September 2023 was China, with a share of 38.2%, followed by the European Union (EU) (12.8%) and the United States (US) (5.5%). Other countries also had remarkable shares: Vietnam (3%), Japan (2.9%), South Korea (2.1%), Indonesia (2.1%), India (1.8%), Egypt (1.7%), and Mexico (1.6%).
Some destination countries showed a significant performance in September 2023 compared to September 2022. Among these countries, the highlights are Vietnam (+116.4%), driven by corn exports (an increase of US$ 117.2 million), and China (+62.7%), driven by soybean exports (an increase of US$ 1.05 billion).
Trade balance highlight: green and roasted coffee
The Brazilian National Supply Company (CONAB) estimates that the total 2023 coffee crop (arabica and conilon) should reach approximately 54.4 million sacks. This corresponds to an increase of 6.8% compared to 2022.
The main producing Brazilian region is the Southeast, especially Minas Gerais and Espírito Santo states. Brazilian production plays a decisive role in world supply, accounting for 37% of global production, according to estimates by the United States Department of Agriculture (USDA) in 2023, making it the world’s leading coffee producer.
In terms of quantity, in the 2022-2023 harvest, Brazil accounted for around 25% of the world’s coffee exports, 36.6 million sacks, according to USDA estimates.
Up to September 2023, Brazilian exports of green and roasted coffee amounted to US$ 5 billion, a decrease of 18.1% compared to the same period in 2022. It should be noted that the coffee sector also includes soluble coffee products, coffee extracts, essences and concentrates, and coffee waste.
Considering only the month of September, exports totaled US$ 576.7 million, with the EU as the main destination (38.4% of the total), followed by the US (14.7%) and Japan (8.3%).