Arab countries are among the top buyers of Brazil’s agribusiness, according to the country’s National Confederation of Agriculture. The agribusiness GDP is expected to grow by 2% this year.
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The top destination in Africa of Brazilian agribusiness goods in the first half of the year, Egypt has dramatically stepped up its purchases of sugar and soybean from the Latin American giant. On the other hand, Egypt supplies a significant volume of fruits to Brazil.
All sectors of the economy grew last year, particularly agriculture, which posted a 15.1% expansion from 2022.
According to Brazil’s Ministry of Agriculture and Livestock, revenue from exports reached USD 166.5 billion in 2023, up 4.8% from 2022. Sector was responsible for 49% of Brazilian exports.
The director of International Relations of CNA, Sueme Mori, said Middle Eastern, Asian, and African nations could increase their demand.
Soybeans are a major driver of the Brazilian economy, bringing together 240,000 farmers and creating jobs in small towns and big cities across the country. As the world’s leading soybean producer and exporter, Brazil is expected to further increase shipments in 2023.
The 24% growth will be driven by soybeans, maize and cotton, Brazil’s Agriculture Ministry reported.
Brazilian agency Conab estimates a 2022-23 foodgrain output of record 315.8 million tonnes.
Brazil’s GDP grew over the previous quarter in the first three months of this year, driven by increased soybean production.
The Egyptian government is encouraging the cultivation of crops such as soybean and maize to expand production and boost the local vegetable oil industry. Minimum price guarantees are expected to be implemented.
IBGE estimates that the 2023 cereal, legume and oilseed crop could increase by 12.6%. Soybean production is the main highlight.
According to CONAB’s estimate, products such as maize and wheat could have a record harvest in 2021/2022.
According to IBGE estimates, the Brazilian harvest of grains, cereals, and legumes should total 256.1 million tonnes this year. The soybean harvest has already been completed with excellent results.
Brazilian sector stood out amid the economic rebound and during the COVID-19 crisis. Valued exchange and export capacity make Brazilian agribusiness companies more attractive for foreign investors.
