Ethanol exports from Brazil are likely to increase to a record high level this year as the exports appear attractive to the domestic market, as per the analysis by S&P Global Commodity Insights, according to newsdakota.
In August, Brazil exported about 427 million litres of ethanol to Europe which was 435% more than the same period in 2021, reports Reuters. It is expected that the exports are likely to reach 600 million litters this year, said S&P.
Earlier such huge exports from Brazil were reported in 2010 when it shipped 477 million litres of ethanol to the continent.
The lower rates in the domestic market and increased demand in Europe are promoting ethanol export from Brazil.
Demand for cheaper E10 fuel (gasoline with 10% ethanol) is increasing in Europe as gasoline prices rise in countries like Germany, Sweden and the UP, states the S&P.