Brazil’s agricultural exports hit record highs
Brazil’s Ministry of Agriculture reported a record growth in agricultural exports this year. According to the ministry, the volume of exports in monetary terms increased by 12.3% compared to the same period last year.
The main growth drivers were shipments of soybeans, corn and poultry meat. Soybean exports rose 15.7% to $45.2 billion. Corn shipments increased 18.3% to $10.8 billion. Poultry exports showed an increase of 9.5%, reaching 7.6 billion dollars.
Agriculture Minister Carlos Favaro said, “The results demonstrate the resilience and competitiveness of the Brazilian agribusiness sector in the global market.”
According to experts’ forecasts, Brazil’s agricultural exports are expected to grow further by 5-7% next year. The key factors of growth will be the increase of sown areas and introduction of new technologies in agriculture.
Banco do Brasil analyst Maria Silva commented, “We expect agricultural exports to reach $150 billion by 2025.”
The Brazilian government plans to invest about R$10 billion in agricultural infrastructure over the next three years to maintain export growth.
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