Brazil's agribusiness exports during August 2020, reached US$ 8.91 billion, an increase of 7.8% in relation to the same month in 2019 (US$ 8.26 billion). Between August 2019 and 2020, agribusiness product exports grew by 16.5% in absolute values.
According to the Agribusiness Trade Balance released by the Brazilian Department of Trade and International Relations of the Ministry of Agriculture and Food Supplies (MAPA), the increase in foreign shipments of soybeans and cane sugar were responsible for the increase.
Soybean exports reached US$ 2.21 billion (+ 25.1%), of which China purchased close to 75%, valued at US$ 1.65 billion.
With the fall in sugar production in India and Thailand during the 2019/2020 harvest, there were new opportunities for Brazil to increase exports of the product, which reached US$ 960 million in August, an 107% increase.
Shipments of Brazilian agribusiness products to China also help to explain the increase in the month analyzed. 30% more products than registered for 2019 (US$ 639 million) were shipped to the Asian country, totaling US$ 2.7 billion in August.
Agribusiness accounted for more than 50% of Brazil's total exports. Imports of agricultural products fell from US$1.10 billion (August 2019) to US$ 912 million (August 2020), a decrease of 17.3%. Thus, the August trade balance surplus totaled US$ 7.1 billion.