Iron ore to displace soybeans as Brazil's main export earner -trade body

By Reuters8 days ago

SAO PAULO, May 4 (Reuters) - Brazil's iron ore export revenues are set to surge 60% this year and displace soybeans as the country's number one source of foreign exchange earnings for the first time in six years, Brazil's Foreign Trade Association (AEB) said on Tuesday.

The forecast $41.25 billion revenue, together with potential record soybean export volumes, means Brazil is on track to post an overall trade surplus this year of almost $80 billion, AEB Chief Executive Jose Augusto de Castro told Reuters.

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The new AEB forecasts followed surging prices and strong demand from China. Most of Brazil's iron ore exports are from mining giant Vale VALE3.SA.

So far, I have only changed the price. It may be that volumes rise further too, said Castro, referring to his preliminary revisions.

At the end of last year, the AEB predicted that 2021 iron ore exports would reach $35.7 billion, substantially higher than the estimated $26 billion of export revenues in 2020.

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