Brazil on the brink of overtaking US as top agricultural exporter

American farms are perilously close to losing their long-held position as the world's dominant agricultural exporter. According to recent data, the U.S. (SPY) is seeing its substantial lead over Brazil (EWZ) nearly evaporate.

Last year, the U.S. exported $171B in agricultural goods, based on figures from the U.S. Department of Agriculture, the Financial Times reported. This total was a mere $2B higher than the export total reported by Brazil.

That shrinking margin represents a drastic shift in the global agricultural landscape; in 2021, the U.S. enjoyed a commanding $56B advantage over the South American powerhouse.

A chart published by the FT visually underscores this trend, displaying Brazil's steady, long-term export growth converging with a recent decline in U.S. agricultural exports since a peak near $200B in 2022. It is worth noting that while U.S. figures are based on the USDA's FATUS series, Brazil utilizes a broader agribusiness classification that includes forest products, fish and seafood.