Paraguayan soybean exports saw a remarkable surge of 112.1% up to July this year compared to the same timeframe last year.
This data was revealed in a report released on Friday by the Paraguayan Chamber of Exporters and Marketers of Cereals and Oilseeds (Capeco).
The report highlights that soybean shipments in the first seven months of 2023 more than doubled, reaching 4.289.806 tons.
This is an increase of 2.266.898 tons compared to the same span in 2022.
The total volume exported led to a value increase of 115.5% compared to July of the previous year, based on figures from the Central Bank of Paraguay (BCP).
From January to July of the current year, foreign exchange earnings amounted to US$2.333 billion.
This is a US$1.250 billion growth compared to the US$1.082 billion generated by the end of July the prior year.
Regarding the market destinations, the report indicates that 90% of the Paraguayan soybean exports went to Argentina, 2% to Brazil, and 8% to South Korea, with the rest heading to various locations still in transit at the report’s conclusion.