Tractor Makers Feel Surprise Pinch From Crop Powerhouse Brazil
Aerial view of tractors working in an agriculture field in Baianopolis, western Bahia state, Brazil, on September 29, 2023. (Photo by NELSON ALMEIDA/AFP via Getty Images)
Brazil is producing more crops than ever and yet farmers in the agricultural superpower are reining in their spending bad news for tractor makers.
Revenue from Brazil's agriculture machinery market is estimated to have shrank 20% in 2023 the first annual decline since 2016 and the biggest drop in almost a decade, according to industry group Abimaq. And there's no relief in sight, with the industry group expecting little change in sales this year.
