Fitch Ratings reports that Brazilian ports saw modest volume growth of 1.3% in 2024, primarily due to a decline in bulk cargo in the second half of the year.
Key Trends in 2024
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Soybean exports declined by 19% compared to 2023.
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Sugar exports reached record highs in both volume and value.
Outlook for 2025
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Agricultural Boom: Companhia Nacional de Abastecimento (Conab) projects a 9.4% increase in grain harvest for 2024-2025, driven by larger planted areas and improved productivity.
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Port Beneficiaries: Major ports such as Santos and Paranaguá are expected to benefit significantly from increased agricultural exports.
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Steel Export Challenges:
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U.S. tariffs on Brazilian aluminum and steel may disrupt exports.
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However, Fitch-rated port terminals are likely to remain largely unaffected, supported by take-or-pay contracts.
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Despite global trade uncertainties, Brazilian ports remain well-positioned for growth, with agriculture-led export expansion expected to drive performance in 2025.
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Source: Fitch Ratings
