Brazil's Sugar Export Volume Rises 22.2% in February, But Revenue Drops 6.1%
Brazil's sugar exports in February 2024 saw a 22.2% increase in volume year-on-year, reaching 2.23 million tons, according to data from the Secretariat of Foreign Trade (Secex). However, a 23.2% drop in the average price led to a 6.1% decrease in revenue, falling from $870.95 million to $817.84 million.
According to the latest data released by the Secretariat of Foreign Trade (Secex) of Brazil's Ministry of Development, Industry, Trade and Services (MDIC), Brazilian sugar mills exported 2.23 million tons of sugar in February 2024. This represents a substantial 22.2% increase compared to the 1.82 million tons observed in the same month last year. Furthermore, the export volume in February also showed a sequential rise of 10.5% when compared to January of this year.
Despite the growth in export volume, the average price of sugar experienced a significant decline. The average price in February stood at $367.07 per ton, marking a 23.2% decrease year-on-year. Consequently, Brazil's total sugar export revenue for the period fell by 6.1%, from $870.95 million in February of the previous year to $817.84 million. This indicates that while Brazil increased its supply to the global sugar market, pricing pressures adversely impacted overall earnings.