In July, agribusiness exports totaled US$1.4 billion (-3.4% compared to July/2018), while the sector's imports were US$1.17 billion (-7.1%). As a result, the trade balance reached almost US$1.4 billion. The main cause of the drop in the sector's external sales was the decline in the prices of commodities exported by Brazil, mainly soybeans.
According to the Secretariat of Trade and International Relations of the Ministry of Agriculture, Livestock and Food Supply, the reduction in the value of grain exports was the main factor responsible for the decline in agribusiness foreign sales in July. Total agribusiness exports fell by US$1.4T and the drop in soybean grain was US$1.29 billion.
Corn breaks record
Corn exports reached a record high in terms of value and quantity in July, partially offsetting the drop in soybean sales. US$1.13 billion were shipped, representing 6.32 million tons. Japan, the main destination for Brazilian corn in the period, was the country that contributed most to the growth in sales in the sector, with more than US$217 million in growth. South Korea also stood out, with almost US$119 million more than in the same month in 2018.
Other products that performed favorably in July were green coffee (79.5% in foreign currency and 127% in volume) and cotton (362% in foreign currency and 440% in volume).
