The GDP of Brazil is forecasted to shrink by 7% this year,
but the Agricultural sector might grow as much as 3%.
While the economy has been dwindling amid COVID 19, most of the country's agriculture has thrived even though a recession in 2015 Brazilian Agriculture sector saw steady productivity gains.
Many reasons supported this prediction as before enhancement of social distancing measures, due to Brazil's climate & seasons, principal crops were already planted or partially harvested along with that the proper structure of the supply chain.
Another factor would be the record harvest and weak Brazilian real (BRL), making Agri exports attractive on the international market in 2020.
Especially China that sharply demanded the soybeans from the country, other importing countries were Egypt, Morroco, UAE, Singapore Malaysia, and more.
Most important is the support received by the government and its decision making that is overcoming transportation drawbacks to boost exports of some commodities to record levels,
taking advantage of emerging opportunities in a time when many nations have been facing production disorder, and some have tightened export controls to secure domestic supplies in the middle of a pandemic.
Thus, according to IPEA, growth in the Agri sector will be 2.5%, while CONAB estimates it to be 2.3% in 2020.
From January to May this year, 7 of Brazil's top 10 exports by value were agri products, Soybean being on the lead as it also accounts for 26% of total agri GDP while other grains add another 8.2%. Exports rose to USD 36 Billion between the period.