January 17, 2008

Brazil: One-third of 2007 soy exports sold to China 

Brazil exported nearly US$3.8-billion worth of soy bound to China in 2007, which is one-third of the country's total soy exports, the Ministry of Agriculture said.

Brazilian Agriculture Minister Reinhold Stephanes said that China is still the biggest buyer of Brazilian soy in 2007.

Brazil's agribusiness exports reached US$58.4 billion in 2007, registering a record trade surplus of US$49.7 billion, according to the ministry.

Soy came as the top farm produce export with US$11.38 billion in 2007, up 22.3 percent from 2006.

Meanwhile, sales in beef, chicken and pork reached US$11.29 billion in 2007, up 30.7 percent from the previous year.

The country is currently working to patch tarnished trade ties with US and EU after outbreak of foot-and-mouth disease.