OIL SET TO TOP BRAZILIAN EXPORTS IN 2024

Oil is poised to become Brazil’s primary export in 2024, marking a significant shift as the extractive industry now constitutes a quarter of the country’s total exports. The performance of oil, alongside iron ore, drove record shipment revenue for January-April. The trade balance for April showed a surplus of $9.04 billion, reaching $27.74 billion year-to-date, with exports totaling $108.9 billion and imports $81.1 billion. Oil and iron ore saw substantial increases in export revenue, with volumes compensating for falling prices. Brazil’s trade association predicts oil will surpass soybeans as the leading export. Despite environmental disasters in Rio Grande do Sul, the impact on soybean sales remains uncertain. Additionally, trade dynamics with Argentina show a deficit for Brazil due to Argentina’s reduced imports.
Source: Valor Internacional / Datamar News