The revenue earned from foreign sales of Brazilian soybeans, the country’s main export product, increased by 20.8% in 2022 compared to the previous year, driven by higher oilseed prices after a production drop in the 2021/22 crop, according to government data posted on January 2nd.
Despite a decline in the volume shipped compared to 2021 record levels, revenues from soybean exports totaled US$46.69 billion in 2022 versus US$38.6 billion in the previous year, according to the Foreign Trade Secretariat (Secex).
Corn exports, which also reached a new volume record of more than 40 million tonnes, generated US$12.3 billion in revenue, a nearly threefold increase from the amount seen in 2021 when total exports were affected by drought.
While soybean sales kept their share in Brazilian exports at 13.9%, oil shipments totaled 42.7 billion dollars, with an increase of more than 12 billion dollars year-on-year, raising the participation of the commodity to 12.7% in Brazil’s international sales versus 10.9% in the previous year, also with more favorable prices.
Exports of iron ore, another product with great representation in Brazilian sales, fell to US$28.9 billion in 2022 compared to US$44.66 billion in 2021.
Fuel oil exports reached 13 billion dollars in 2022, followed by beef (11.8 billion dollars), sugar (11.3 billion dollars), soybean meal (10.9 billion dollars), and poultry (8.9 billion dollars).
On the import side, chemical fertilizers cost US$24.7 billion from the country in 2022, an increase of US$9.6 billion compared to 2021, with prices skyrocketing in the face of concerns about supply arising from the war in Ukraine.
Source: Money Times
