Brazil has strengthened its purchase of fertilizers in recent months due to increasingly unpredictable weather conditions.
Russia has provided Brazil with a record amount of fertilizers in July, according to data from the country's customs agency, cited by the RIA Novosti news agency on August 10.
Brazil, the world's leading importer of strategic fertilizer, purchased over 1 million tons of Russian fertilizers in three consecutive months up to July, reaching a record high of 1.140.000 tons, representing a 7.5% monthly growth rate.
In terms of foreign exchange, Russia's fertilizer exports to its BRICS partner in South America were reported to have increased by 8% to $364.4 million, the highest level since March 2023.
Russia remains Brazil's leading fertilizer supplier, while China is also increasing its market share. In July, China's supply to Brazil nearly doubled to 783,400 tons.
The list of the largest fertilizer-exporting countries to Brazil also includes Canada, which increased its exports to Brazil by 1% in July to 697,000 tons.
Meanwhile, Egypt and Morocco both saw their supplies to Brazil decrease by 29% to 290,000 tons and 7% to 281,000 tons, respectively.
Brazil, a major global agricultural producer, has strengthened its purchase of fertilizers in recent months due to increasingly harsh weather conditions. Brazil's fertilizer imports in June and July were 4.2 and 4.5 million tons, respectively, setting a record for these months.
Russia and Brazil have expanded their economic ties as bilateral trade within the BRICS group continues to grow despite Western sanctions. At the beginning of this year, Brazilian Ambassador to Russia Rodrigo de Lima Baena Soares stated that bilateral trade between the two countries had reached a record high of $11 billion.
The South American country only recognizes sanctions imposed by the United Nations Security Council, meaning they do not comply with restrictions imposed on Russia.
At the beginning of this year, Russian fertilizer producer EuroChem inaugurated a new facility in Brazil with an annual production capacity of 1 million tons of advanced phosphate fertilizer.
The company invested approximately $1 billion in the project, which they acquired from Norway's Yara in early 2022 when the project was still under construction.
