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As One of the Largest Commodity Exporters on the Planet, Brazil Repositions Itself in the Global Economic Landscape
Even in the midst of a major economic crisis, driven by the Covid-19 Pandemic that slowed down most global financial sectors, large companies in Brazil achieved historic profits in the first months of 2022. Of the ten companies that have reported the highest revenues so far this year, nine set records, driven by rising commodities in the global market.
But before presenting the list of the 10 Brazilian companies that have had record profits so far in 2022, we first need to understand what commodities are and why they contributed to results never before recorded by companies, even in the face of a global financial crisis.
The translation of the word “commodity” means “good”. A few years ago, this term was used to refer to goods sold by companies as a whole. But over time, “commodity” came to be used to talk about basic raw material products.
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Commodities, therefore, are products of agricultural origin or mineral extraction, in raw state or with a low degree of industrialization, produced on a large scale and intended for foreign trade. Generally, their prices are established by the international supply and demand of the goods, causing their derivatives to also undergo adjustments as events in the global market have an impact.
Examples of Commodities
Commodities do not differ based on who or where they were produced. These products generally have little industrialization, a high level of commercialization with great global importance.
Examples of commodities traded by Brazil to other countries include: orange, corn, coffee, soy, wheat, sugar, and cotton (agricultural origin commodities). In addition, we can mention: wood, energy, and water (environmental origin commodities); euro, US dollar, the real, and federal government bonds (financial commodities), as well as gold, iron ore, natural gas, ethanol, and crude oil (mineral commodities).
Moreover, the price of oil in the global market was one of the factors that contributed to the immense profit of Petrobras in the first three months of 2022. The state-owned company, whose largest shareholder is the Union, ranks first among the companies with the highest revenues during the period. See the detailed list below.
Companies with the Highest Profits So Far in 2022 in Brazil
The Petrobras reported no less than R$ 44.5 billion in net profit between January, February, and March of this year (period reported). The best performance in a quarter among all the most profitable companies in Brazil. In 2021, the oil company’s profits were “only” R$ 1.2 billion.
During the first quarter, the price of oil rose 66% in the global market, compared to the same period in 2021. The increase was further accelerated due to the war in Ukraine, because Russia, which is the second largest exporter and third largest producer of oil globally, accounts for about 12% of global supply and is facing economic sanctions.
It happens that Petrobras practices its pricing policy based on the international oil market. In other words, when prices rise abroad, they rise here too, with gasoline and diesel prices being the most affected. In March, Petrobras initiated the largest diesel price adjustment since January 2021 (24.9% for S-10 at refineries). The fuel accounted for 48% of the company’s revenues in the first quarter.
The Vale company reported more than R$ 23 billion so far this year. Iron ore contributed to this revenue as the price of the product rose 100% in the last two years, reaching US$ 160 in April, compared to US$ 80 in April 2020.
The Suzano, which is also one of the largest Brazilian companies, improved its performance over the last two years, and this year has already exceeded R$ 10.3 billion in profits recorded in 2022.
Other Companies in the Ranking of the 10 Companies with the Highest Revenues in 2022:
- Bradesco: R$ 7 billion
- Itaú Unibanco: R$ 6.743 billion
- Banco do Brasil: R$ 6.66 billion
- JBS: R$ 5.142 billion
- Banco Santander: R$ 3.946 billion
- Braskem: R$ 3.884 billion
- Itaúsa: R$ 3.719 billion
Commodity Prices and Their Impact on Our Lives
Brazil is one of the largest commodity exporters on the planet. Internal economic growth has always been directly linked to the production of raw materials and agricultural goods of high importance globally.
When there is high demand, commodity prices increase and producers earn more. On the other hand, if demand is low, prices become devalued. Therefore, those who produce suffer and need to reduce their prices in order to sell.
It is important to remember that commodities undergo intense movement, with constant price fluctuations. This can cause the prices of products derived from raw materials to become more expensive.
