Brazil’s soybean export revenue, the country’s main export product, increased by 20.8% in 2022 compared to the previous year, driven by higher oilseed prices after a production drop in the 2021/22 crop. 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 volume record of more than 40 million tonnes, generated US$12.3 billion in revenue, a nearly threefold increase from the amount seen in 2021 when total exports were affected by drought. Soybean sales kept their share in Brazilian exports at 13.9%. On the import side, chemical fertilizers cost US$24.7 billion from the country in 2022, an increase of US$9.6 billion compared to 2021.
Sources: Money Times/Datamar News