January 11, 2012

Brazil's 2011 agricultural exports hit record level

The agricultural exports of Brazil for the past year reached a record high, mostly boosted by demand from China and soaring prices, according to the government.

The Agriculture Ministry of the country says exports surged to US$94.6 billion last year, which is 24% higher than in 2010.

Agriculture Minister Jorge Ribeiro says the goal for 2012 is US$100 billion.

High prices for farm goods boosted Brazil's exports. The price for soy in 2011 was 30% higher than the previous year, and soy products represented 39% of the exports.

China was the biggest destination for Brazilian agricultural products. The Asian nation bought US$16.5 billion worth of the goods.