Brazil’S Iron Ore Exports Near Record High

(MENAFN- The Rio Times) Brazil's iron ore exports in July 2024 nearly reached a historic monthly record, signaling a robust performance in the country's mining sector.

The shipments totaled 39.31 million tons, just shy of the December 2023 record of 39.33 million tons and slightly below the all-time high of 39.5 million tons set in December 2015.

This impressive export volume marks a 24% increase compared to July 2023. Revenue also rose by 21.1% to US$2.9 billion, despite a slight decrease in prices.

The strong performance in iron ore exports is part of a broader trend of growth in Brazil's commodity exports.

Sugar exports grew by 28.5% year-on-year to 3.78 million tons.

Fresh beef exports reached 237,300 tons, a 47.6% increase from the previous year, generating over US$1 billion in revenue.

Soybean exports hit a record for July, rising 16% year-on-year to over 11 million tons, with revenues of nearly US$5 billion.

This surge in iron ore exports aligns with the broader trend observed in the first half of 2024.



From January to June 2024, Brazil increased its iron ore exports by 6.1% compared to the same period in 2023, reaching 179.4 million tons.

The total value of these exports amounted to approximately US$15.4 billion, a 12.2% increase from the previous year.
Brazil's Iron Ore Sector
China remains the primary destination for Brazilian iron ore, accounting for 65% of total shipments. Other significant importers include Malaysia (5.6%) and Oman (3.6%).

Brazil's iron ore sector boosts its status as the world's second-largest iron ore exporter, after Australia.

In the first half of 2024, global iron ore exports rose by 5% year-on-year to 751 million tons. Brazil's exports reached 181 million tons, marking a 6% increase compared to the same period in 2023.

Vale SA, Brazil's largest iron ore producer, has expressed confidence in reaching the high end of its 2024 production guidance of 310–320 million tons.

The company's second-quarter production in 2024 increased by 2.4% year-on-year, reaching 80.6 million tons. This growth was driven by strong performances at its S11D and Vargem Grande mining complexes.

In conclusion, Brazil's near-record iron ore exports in July 2024 highlight a robust performance in the country's mining sector. This success contributes significantly to overall economic growth.

However, it also underscores the need for economic diversification and sustainable resource management to ensure long-term economic stability and environmental protection.

MENAFN06082024007421016031ID1108524756