08/09/2024 – 6:00
Brazilian exports broke a record in value in the first seven months of 2024. There were US$ 198.2 billion in exports, an increase of 2.4% over the first seven months of 2023. The data was released by the Ministry of Development, Industry, Commerce and Services (MDIC).
“We saw growth in all the main exported goods,” explained Herlon Alves Brandão, director of the Department of Planning and Commercial Intelligence at MDIC. The foreign trade analyst highlights that the behavior was more stable than in 2023, a year marked by fluctuations.
+Exports break record and trade balance has surplus of US$ 7.6 billion in July
“Soybeans are a product that has been surprising, since lower exports were expected due to a small reduction in the harvest,” he highlights. Even so, there was a 4.1% growth in the volume exported.
Corn, which is commonly among Brazil’s largest exports, has lost ground due to a crop failure.
Ranking of export champion products in 2024
Position | Item | Value (in US$) |
1 | Soybeans, whether or not crushed, except for sowing | 32,905,497,586 |
2 | Crude petroleum oils | 27,826,790,868 |
3 | Iron ores and concentrates, other than roasted iron pyrites (pyrite ash), unagglomerated | 16,336,587,020 |
4 | Other cane sugars | 8,695,544,901 |
5 | Unroasted, non-decaffeinated coffee beans | 5,706,508,223 |
6 | Chemical wood pulp, soda or sulphate, other than dissolving pulp, semi-bleached or bleached, non-coniferous | 5,434,371,014 |
7 | Frozen boneless beef | 5,347,233,372 |
8 | Fuel oil | 4,497,867,157 |
9 | Bagasse and other solid waste from soybean oil extraction | 4,351,716,265 |
10 | Edible chicken offal and parts, frozen | 3,947,090,441 |
When it comes to export destinations, Argentina, which is usually the second largest importer of Brazilian industrial goods, has seen its status diminish amid the slowdown in its economy. The Mercosur partner imported 36.3% less from Brazil.
“But this has been offset by other countries,” says Brandão. The highlight in 2024 was the growth in exports to the United States (12.3%) and Canada (8.8%).
Ranking of the main destinations for Brazilian exports:
Position | Country | Value (in US$) |
1 | China | 61,824,298,791 |
2 | United States | 22.751.722.012 |
3 | Argentina | 7,035,132,259 |
4 | Netherlands (Holland) | 6,638,223,221 |
5 | Spain | 5,918,990,132 |
6 | Singapore | 4,741,168,914 |
7 | Mexico | 4,559,722,148 |
8 | Chile | 3,991,543,294 |
9 | Canada | 3,317,930,652 |
10 | Germany | 3,097,493,464 |
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