Brazil’s agribusiness exports set new record in May with growth of 33.7% on prior year
There is good news for Brazil’s agribusiness. The industry’s exports registered a new all-time high in May, of US$ 13.94 billion, representing growth of 33.7% on the same month of 2020, based on data from the Foreign Trade and International Relations Department of the Ministry of Agriculture.
The good moment for exports, which directly impact the results of SLC Agrícola, which exports most of the grain harvested on its farms, was supported by rising international prices for commodities, according to Secex. Export growth was led by the soy complex, which continued to deliver strong numbers and was responsible for practically 60% of the value of exports in May.
As has been the case for some time, China was the largest importer of soybeans, accounting for 11.2 million tons, which corresponds to 68% of the total volume exported by Brazil. Also with regard to China, Secex analyzed that the strong demand from the country continues to pressure soybean and corn prices.
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