Brazil foreign trade in agribusiness sees $9.3 bi surplus in February

Foreign trade in Brazil’s agribusiness posted a positive balance of $9.3 billion in February this year—up 78.8 percent from the same month last year and 20.8 percent from January 2022. The result stems from $10.5 billion in exports and $1.2 billion in imports.

The figures were disclosed today (Mar. 23) in Rio de Janeiro by the Institute for Applied Economic Research (IPEA).

The strong rise in international prices of the main commodities on Brazil’s export agenda partly explains the increase in the value of exports in February, IPEA declared.

“The international prices of soy and corn are near historical highs. As a result, the monthly value of exports in February was above the amount recorded in any month in 2019 and 2020,” the institute added.

Meat and soybeans

Ten of the fifteen products monitored by IPEA’s economic staff were also seen to rise in the amount exported, not to mention an increase in the value of most commodities sold overseas.

The soybean and beef were the main drivers behind February’s performance, with the greatest variations against February 2021: soybeans (137.0%), soybean meal (52.8%), soybean oil (30.0%), and beef (42.0%).

The highlight in the two percent growth in agribusiness imports in February was wheat, the top product on the agenda, up 10.9 percent in quantity and 26.5 percent in value.

“The rise in international grain prices has been observed following the beginning of the conflict between Russia and Ukraine—two of the largest exporters of the product,” IPEA stated.