Paraguay’s soybean exports, the country’s primary commodity, witnessed a significant increase of 107.2% at the end of May this year compared to the same period last year.
According to a report by the Paraguayan Chamber of Grain and Oilseed Traders and Exporters (Capeco), a total of 3,396,216 tons of grain were shipped between January and May 2023.
This represents an additional 1,757,452 tons compared to the first five months of 2022 when 1,638,763 tons were exported.
The value of soybean exports also rose by 132.5% during the same period, based on official data from the Central Bank of Paraguay (BCP).
The substantial outflow of Paraguayan grain resulted in an inflow of US$1.868 billion, an increase of US$1.065 billion compared to May 2022 when US$803.2 million was generated.
Sonia Tomassone, the foreign trade advisor for the institution, attributed the surge in oilseed shipments to the strong performance of the local economy, which has a positive ripple effect on the entire commercial chain and related services.
Argentina and Brazil were the primary destinations for Paraguay’s soybean exports, accounting for 90% of shipments.
Argentina held an 87% share, while Brazil had a 3% share.
The remaining 10% was distributed among South Korea and goods in transit or maritime supply, as per the report.