Sugar shipments break record in October and agricultural trade balance reaches US$8 billion

Foreign sugar sales were a record in October 2020, with an increase of 121%, from US$543,96 million in October last year to US$1,20 billion in the same month this year. The amount of sugar exported was a record for the entire historical series, with 4,2 million tons.

China was the largest importer, with records of US$311,74 million in acquisitions or 25,9% of the total value of sugar exported by Brazil. Other countries that purchased sugar were India (US$107,82 million; +33,8%), Bangladesh (US$85,07 million; +94,1%) and the United States (US$61,95 million ; +202,3%).

Still in the sector, there was an increase in alcohol exports, which reached US$ 184,87 million (75,4%). The main importers of Brazilian alcohol were the United States (US$63,91 million; -1,1%), South Korea (US$45,79 million; +53,6%) and the European Union (US$ 45,75 million; +3.681%).

Balance

Total agribusiness exports in October totaled US$8,18 billion, which meant a decline of 6,2% compared to the same month last year (US$8,72 billion). According to the Secretariat of Commerce and International Relations of the Ministry of Agriculture, Livestock and Supply (Mapa), the drop in exports was due to the 3,6% reduction in the export index. quantum of exports and 2,8% in price.

Imports of agribusiness products totaled US$ 1,2 billion in the month of the study. The trade balance balance amounted to US$6,9 billion. The share of agribusiness in Brazil's total exports represented 45,8% of the total value exported last month, an increase of 9,7% compared to the same month in 2019.

According to SCRI's analysis, in its technical note, as a summary for this month of October, the drop in soybean exports (- US$ 913 million) was partly offset by the positive highlight in record sugar exports (US$ 658 millions). 

Other products 

Another sector that recorded a favorable performance was forestry products. The sector's foreign sales reached US$ 1,03 billion (8%). Cellulose exports rose 6,3%, reaching US$550,13 million. The amount of cellulose exported increased by 9,9% in the comparison between October 2019 and 2020, reaching a record of 1,45 million tons, however, the drop in the average export price by 3,4% prevented a greater increase in value exported.

The product that performed best in the forest products sector was wood and wood products. There was a record of US$351 million in foreign sales, with an increase of 61,7% in the quantity exported, although the average export price of the product also fell (-20,6%).

Check out the note it's the summary of the Trade Balance.