Brazil will harvest a record grain and oilseeds crop in 2017 as a robust agriculture sector supports both GDP expansion and a burgeoning foreign trade surplus. The Brazilian Census Bureau (IBGE) on Thursday, released its definitive 2017 crop forecast, predicting a 29.2% increase in grain and oilseeds output this year to a record 238.9 million metric tons. Farm production has sky rocketed on a combination of expanded acreage, ample government credit and good weather. Agriculture was largely responsible for Brazil’s modest economic growth in the first quarter of this year, the country’s first GDP expansion after two years of recession. Agriculture expanded by a whopping 13.4% in the first quarter while overall GDP rose by just 1.0%. Farm commodity exports are also largely responsible for Brazil’s record foreign trade surpluses so far this year. The country is expect ed to post a foreign trade surplus of more than $50 billion in 2017.
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