Oil Tops Brazil Exports, Bolstering COP30 Host’s Challenge (1)

Oil has surpassed soybeans as Brazil’s top export, an unprecedented performance that underscores the COP30 host’s status as a fossil-fuel champion.

The value of Brazilian crude exports rose 5% to $44.8 billion in 2024, the first time oil eclipsed all other foreign sales for Latin America’s biggest economy, according to trade ministry data released Monday. The volume of oil shipments rose 10%. China was the primary destination for Brazilian barrels with roughly 44%, followed by the US, Spain and the Netherlands.

Tumbling soybean prices and a drop in sales volumes helped oil’s ascent to the top, said José Augusto ...