BRAZIL: Agribusiness exports hit record high
Agribusiness, one of the most important segments of the Brazilian economy, set another record this year. From January to November, the sector’s exports totalled US$ 89 billion, 13% higher than in the same period of last year. The data was published on Monday (11 December) by the Ministry of Agriculture, Livestock and Food Supply.
According to the Ministry, the numbers were strongly influenced by improved performance in sales of bulk soybean (29%), maize (21.2%) and pulp (3.2%). In total, agribusiness exports accounted for 44.5% of Brazil’s entire trade balance as of the end of November. In the month, the sector’s exports totalled just over R$ 7 billion, driven by increased shipments of bulk soybean, maize, cotton and fresh beef. Brazil exported 2.1 million tons of soybeans in the month, an all-time high for a month of November.
The trade balance (i.e. the sum of all exports and imports) is an important indicator of the health of a country’s economy, and has hit several record highs in Brazil in recent months. Projections point to a historical result in 2017: the Brazilian trade balance could reach US$ 70 billion in the year, according to data from the Ministry of Industry, Foreign Trade and Services (MDIC).