Paraguayan soybean exports increase by 118.8 percent at the end of the year’s first quarter

Paraguayan soybean exports had a substantial increase of 118.8 percent at the end of the first quarter of 2023 compared to the same period last year, according to the foreign trade report of the Paraguayan Chamber of Exporters and Traders of Grains and Oilseeds (CAPECO) released on Friday.

It details that as of the third month of the current year, the South American country exported 1,886,457 tons of soybean grains, which shows an increase of 1,024,309 tons compared to the 862,148 tons shipped as of March 2022.

This vital grain flow allowed a foreign exchange income of US$936 million, US$509 million more compared to the first three months of last year, when US$427 million of the same currency was generated, according to data from the Central Bank of Paraguay (BCP).

CAPECO’s Foreign Trade advisor, Sonia Tomassone, pointed out that the export of new crop soybean continues to show a dizzying output at the end of March this year, doubling the volumes unloaded.

He pointed out that this upturn in shipments has positively affected the Paraguayan economy and the entire logistics chain.

Regarding markets, the expert indicated that Argentina accounted for 95 percent of new crop soybean shipments due to the high demand caused by lower production in the neighboring country due to adverse weather conditions.

Brazil continues positioning itself as the second destination, with a 4 percent share of the total.

In comparison, she said the Republic of Korea completes the list of markets with the remaining 1 percent.

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