Brazil unseated the United States this year as the world’s leading corn exporter and is now very close to taking over the first global place as a cotton exporter, according to statistics from the U.S. Department of Agriculture analyzed by “Bloomberg.”
The U.S. is expected to export 12.5 million bales of cotton in the 2023–24 season, but that estimate is likely to be lowered when the U.S. Department of Agriculture updates its forecasts on Sept. 12. Brazil is expected to export 11.25 million bales.
The United States and Brazil are the world’s largest cotton exporters. Together, they account for more than half of the world’s supply.
“The loss would deal a further blow to US agriculture. Brazil recently became the largest exporter of corn in the 2023 campaign. Russia and the European Union have already overtaken the United States in wheat exports,” according to Bloomberg.
During this year’s harvest season, Brazil accounted for 32% of global corn exports, while the United States only exported 23%. The US authorities estimate that this trend will continue next year.
As for cotton, specialists explained that the drought and high temperatures that are being registered in Texas, one of the main producing states, have affected both production and exports.
“If the U.S. crop continues to deteriorate, then Brazil could easily overtake the US,” Peter Egli, director of risk management at Plexus Cotton Ltd., told Bloomberg.
“They already basically agree on the statistics. You could see Brazil becoming the number one exporter this season,” he added.
“The quality of U.S. cotton hasn’t been as good in recent years because of droughts, while Brazil’s has “very good quality” because of its rainfall regime,” Jack Scoville, vice president of Price Futures Group, said.
