Essential for Brazilian agribusiness, soybean should continue to be a strong driver for national agricultural output in 2018. Estimates from the Brazilian Association of Vegetable Oil Industries (Abiove) point to record numbers in both production and exports of the grain.
According to the entity, Brazil is expected to produce 114.7 million tons of soybeans this year, 2.3% more than last year. As for exports, the Abiove estimates a record 68 million tonnes shipped in 2018.
Brazil is currently considered one of the world leaders in grain production: it is the world’s second largest producer of soybeans and third largest producer of corn, according to data from the Federation of Industries of the State of São Paulo (Fiesp).
From Brazil to the World
According to Abiove’s economic manager, Daniel Furlan, agribusiness continues to be one of the most important pillars of the Brazilian economy. “It is essential not only in terms of its share in the Gross Domestic Product and job creation, but also for the surpluses in the trade balance.”
For example, data from the Ministry of Agriculture shows that soybean products, which were the highlight in agribusiness exports in February, totalled US$ 1.6 billion in exports in the month so far, out of a total of US$ 6.23 billion in agribusiness shipments.
“Brazil today is a country that feeds the world. It is a food exporter, which shows that we have been very successful in our agricultural policy over the years,” Furlan said. He added that agricultural output reached this level in the country after strong investments in research and product quality and the expansion of the agribusiness production chain.