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Brazil enjoys strong exports

Бразилия се радва на силен износ

Brazil's trade balance posted a trade surplus of US$1.374 billion in the fourth week of June (19th - 25th). Data released on Monday, June 26, by the Foreign Trade Secretariat of the Ministry of Development, Industry, Trade and Services (MDIC) revealed that this surplus was achieved through exports worth US$6.395 billion and imports totaling US$5.021 billion dollar.

In terms of monthly data, the surplus reached US$8.081 billion, while the year-to-date surplus stood at US$43.003 billion.

Although by the fourth week of June, average daily exports fell by 5.8% compared to the same period in 2022, some sectors performed positively. Agriculture, for example, registered an increase of US$ 49.15 million (13.3%).

The USDA forecasts that Brazil's corn and wheat harvests will again exceed expectations in the 2023-24 marketing year, with corn production reaching 133 million tons and wheat production at 11 million tons. The country is also expected to harvest a record 159 million tons of soybeans.

Argentina has become the second largest destination for Brazilian soybeans after shrinking its own production due to severe drought.

Soybean exports from Brazil to Argentina reached 1.92 million tons from January to May 2023. In May alone, volumes exceeded 978,500 tons.

Argentina, which is the third largest producer of soybeans after Brazil and the United States, has seen production shrink by 43% to 25 million tonnes in 2022-23. This has forced the country, one of the biggest exporters of soybean oil and meal, to import soybeans from Brazil to meet demand from local processors.

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