Brazil's Ethanol Export Prices Hit a Record Low in July 2023

Brazil

In July 2023, the price of ethanol in Brazil reached its lowest point at $632 per thousand litres (FOB, Brazil), decreasing by -4.4% compared to the previous month. The export price experienced a mild downturn overall, with the most significant growth rate occurring in December 2022, showing an increase of 8.9% compared to the previous month. After reaching its peak at $759 per thousand litres in August 2022, export prices remained relatively lower from September 2022 to July 2023. Different overseas markets displayed varying average prices. In July 2023, the highest prices were recorded for Ghana ($785 per thousand litres) and Nigeria ($762 per thousand litres), while the lowest average prices were observed for the Netherlands ($618 per thousand litres) and South Korea ($620 per thousand litres). During the period from July 2022 to July 2023, the most notable price growth was seen in exports to Nigeria (+1.1%), while prices for other major destinations declined. Ethanol exports from Brazil experienced significant growth in July 2023, with a 323% increase in volume. The exports reached 313 million litres, after two consecutive months of decline. In terms of value, ethanol exports reached $198 million in July 2023. Overall, exports enjoyed measured expansion, with the peak volume of 352 million litres reached in October 2022. Undenatured ethyl alcohol of an alcoholic strength by volume more than 80% represented the largest type of ethanol exported from Brazil, accounting for a 100% share of total exports. This was followed by denatured ethyl alcohol and other denatured spirits, with a 0.2% share of total exports. The main destinations for ethanol exports from Brazil were South Korea, the United States, and the Netherlands, which together accounted for 94% of total exports. South Korea took the lead with 146 million litres, followed by the United States with 76 million litres, and the Netherlands with 71 million litres.

Source: IndexBox Market Intelligence Platform

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