Brazil exported over 5.5 million tons of soybeans in October

Brazilian agribusiness exports reached $13.38 billion in October, 2.3% lower than in the same period of 2022. The figure represented 45.4% of Brazil’s total exports.

According to the Department of Trade and International Relations of the Ministry of Agriculture and Livestock (SCRI/Mapa), the result of foreign sales for the month was strongly affected by the pullback in the price index of exported products. On the other hand, a record grain harvest in 2022/2023 boosted the country’s exports.

Soybeans, corn and sugar are the products that deserve attention this month.

Soybean exports reached a record volume for October at 5.53 million tons. This shipped quantity is nearly 45.7% higher than the quantity exported in the same month of October last year. China’s share of the purchase of Brazil’s exported beans rose to nearly 88% of the exports for the same period last year. Foreign sales of soybeans reached $2.89 billion in October 2023, up 24%.

Corn shipments were a record for October, reaching 8.44 million tons in October 2023, or 24.5% more than the 6.78 million tons exported in the same month of the previous year. Overseas corn sales totaled $1.89 billion, nearly identical to October 2022.

In October, China was the leading importing country of Brazilian corn with a 40.9% share of the volume exported by Brazil (3.46 million tons) or $765.77 million.

In addition, between January and October 2023, Brazilian agribusiness foreign sales reached a record $139.58 billion, up 3% compared to the same period in 2022 ($135.55 billion).

The sector that contributed most to the positive export performance during this period was the soy complex (+4.37 billion USD).

Tags: Brazil, soybean, export