Soy export revenue from Brazil grows 20.8% and corn almost triples in 2022

Revenue from foreign sales of Brazilian soy, the country’s main export product, increased by 20.8% in 2022 compared to the previous year, driven by higher prices for the oilseed after a fall in the national crop in 2021/22, according to data published by the federal government this Monday (2).

Despite a decline in shipments in volumes compared to the 2021 record, 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 record in volume, with shipments of more than 40 million tons, generated revenues of US$ 12.3 billion, almost triple the amount seen in 2021, when total exports had been affected. by drought.

While soybeans practically maintained their participation in Brazilian exports at 13.9% of the total, oil shipments totaled US$ 42.7 billion, with an increase of more than US$ 12 billion in the annual comparison that raised its share of the commodity to 12 .7% of total international sales in Brazil, versus 10.9% in the previous year, also with more favorable prices.

Iron ore exports, another product with an important representation in Brazilian sales, fell to US$ 28.9 billion in 2022, compared to US$ 44.66 billion in 2021.

Exports of fuel oils represented US$ 13 billion in 2022, beef (US$ 1.8 billion), sugar (US$ 11.3 billion), soybean meal (US$ 10.9 billion) and poultry meat ( US$ 8.9 billion) had significant growth in 2022.

On the import side, chemical fertilizers demanded US$ 24.7 billion from the country in 2022, an increase of US$ 9.6 billion compared to 2021, with a surge in prices in the face of concerns about supply arising from the war in Ukraine.

(Reporting by Roberto Samora)