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April 11, 2016

Agricultural Products account for 52% of Brazil's exports in March

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

The agricultural sector continues to be the bright spot in an overall dismal Brazilian economy. While the Brazilian economy struggles with high unemployment, high inflation, and increasing deficits, the decline in the value of the Brazilian currency has spurred record levels of agricultural exports.

According to the Minister of Agriculture, the agricultural sector turned in a balance of trade surplus of US$ 7.183 billion during the month of March. Agricultural exports totaled US$ 8.347 billion for the month, which was an increase of 11% compared to March of 2015, while imports totaled US$ 1.164 billion.

The month of March was very good for Brazilian agricultural exports. During the month, Brazil exported 8.4 million tons of soybeans, which was a record for the month. For the prior 12 months, Brazil exported 58.6 million tons of soybeans, which was also a record. During March, there were also 2 million tons of corn exports setting a new record for the month and for the prior 12 months, there were 35.8 million tons of corn exported, also a record.

During the past 12 months, agricultural products accounted for 47.5% of Brazil's exports compared to 43.5% a year earlier. During the month of March alone, agricultural exports accounted for 52% of Brazil's total exports.