On January 31, 2023 the Government of Brazil increased the import duty on ethanol to Brazil to 16 percent. The Government of Brazil increased the biodiesel blend to 12 percent, effective April 1, 2023. RenovaBio, Brazil’s National Biofuels Policy, picked up momentum once Brazil’s B3 stock exchange started trading CBios in April 2020. CBio average prices reached record highs not previously seen.
Total Brazilian ethanol production for 2023 is estimated at 32.95 billion liters, an increase of seven percent relative to 2022 due to the expected increase in sugarcane production and the steady increase in corn ethanol production.