Agriculture GDP (Gross Domestic Product) is projected to fall by 0.94% in 2023 compared to 2022. Agriculture GDP will shrink by up to 2% in 2024, maintaining steady at best. Even with the decline in value, the GDP might surpass BRL 2.6 trillion this year. It is the third-best GDP since the series began in 1996, after only 2021 and 2022. CNA forecasts that exports will conclude the year at roughly USD 164 billion, a 3% increase over 2022. Brazil harvested record amounts of soybeans, corn, and sugarcane, boosting exports. This year, agriculture accounted for 49.4% of total Brazilian exports in October, almost 2% higher than in 2022.
Sources: CNA/Safras&Mercado (*Translated by Ia Niani)