Brazil exports record of corn, cotton: Correction

Corrects unit of coffee sold in paragraph 8.

Brazil last year had a historic performance in agricultural commodities exports, shipping record quantities of beef, cotton, corn, coffee and soymeal.

Soybean and poultry exports reached the second largest volumes on record.

The result comes after a year marked by good harvests, strong overseas demand, and an attractive currency exchange.

Brazil shipped nearly 45mn metric tons (t) of corn in 2019, or 88pc more in comparison to the prior year, Brazil's Economy Ministry said yesterday.

A record harvest driven by the second-corn crop, the so-called "safrinha", was a key factor in the growth of corn exports. The drop of the Brazilian real against the US dollar, which leads to higher revenues in the local currency, stimulated sales as well as lower production in the US because of adverse weather.

Stronger international demand, mainly from China, boosted Brazil's meat exports last year. The Asian country has been suffering from an African Swine Fever outbreak and has been importing more meat to make up for the reduction to its pig herds.

Brazil exported a total of 1.5mn t of beef and around 635,000t of pork in 2019, up by 13pc and 16pc year on year, respectively. The country also shipped 3.8mn t of poultry, flat on an annual basis and behind only the all-time record of almost 4mn t in 2016.

The South American country sold 1.5mn t of cotton abroad, up by 69pc on the year, and 36mn 60-kg bags of coffee, up by 19pc, following good harvests of both commodities.

Brazil also shipped nearly 17mn t of soymeal, a key ingredient for animal feed. Brazil exported around 78mn t of soybeans, after a record of 84mn t in 2018.

The effects of the US-China trade war were again observed last year, although with less intensity. Given the dispute with the US, which includes a 25pc tax imposed by Beijing on US soy cargoes, China has been preferentially demanding the Brazilian oilseed since 2018.

An interim trade deal between the US and China is expected to be signed on 15 January.

Brazil is the global top exporter of coffee, soybean, beef, and poultry.

By José Roberto Gomes