Abstract

This study analyses the economic aspects of a eucalypt-based agroforestry system established in the savanna region of Brazil. In 1993, eucalypt clones were planted at a spacing of 10 × 4 m, to facilitate their future association with crops and pasture grasses. The results show that the establishment and maintenance costs represent 37% of the total costs associated with the system. More than half of the revenues are from the sale of the wood products obtained in the 11-year rotation. Variations of ±20% of the sale price of the cattle significantly affected the sensitivity analysis, closely followed by the variations of the price of wood for lumber and energy. Variations of ±20% of the establishment costs of the forest component significantly affected the economic indicators. The viability of the system is also sensitive to a slight change in interest rate. Finally, the agroforestry system adopted by the company is economically more attractive than eucalypt monoculture.