June 18, 2008

Brazil's agricultural GDP to rise 10 percent in 2008

Brazil's agricultural sector gross domestic product should rise at least 10 percent in 2008 from 582.6 billion reals (US$361.8 billion) in 2007, a press officer at the National Agriculture Confederation, or CNA, confirmed Tuesday (June 17, 2008).

CNA said agricultural GDP rose 2.81 percent in the first quarter of 2008 compared with 0.7 percent in 2007.

The increase in farm revenues is likely to be offset by higher fertilizer and raw material costs, said CNA.

Exports

Brazilian agricultural exports rose 25 percent to US$27.2 billion between January and May, compared with the same period in 2007, according to CNA.

Fueled by soy and meat exports, agricultural products accounted for 38 percent of all Brazilian exports.

Soy is Brazil's leading agricultural export, accounting for US$6.8 billion between January and May, the CNA press officer said.