In 2023, Brazil’s soy exports surged by 24.7%, totaling 126.818 million tons, as reported by Datagro Grains.
This growth encompassed soybeans, meal, and oil, with soybeans alone jumping by 29.4% to 101.856 million tons.
Despite reduced oil exports, historic high performance was achieved, fueled by Brazil’s record harvest of 160.234 million tons, up 23%.
Factors like losses in US crops, China’s increased purchases, and political tensions boosted Brazil’s soy market.
Even with lower average prices, Brazil achieved a record $67.377 billion in export revenue, a 10.9% increase from 2022. This gain was led by soybeans and meal, although oil revenue fell.
Brazil’s record soy harvest bolstered exports amid economic slowdowns, showcasing the soy complex’s growing significance in Brazil’s exports.
In 2023, soy contributed to 19.8% of Brazil’s total export revenue, up from 18.2% the previous year, showcasing its significance in the national economy.
Looking ahead to 2024, Datagro anticipates a slight decline in soy exports to 114.9 million tons, still the second-highest on record.
Revenue is also expected to drop by 19.1% to $54.480 billion, reflecting a decrease in the soy sector’s contribution to Brazil’s total exports.
Despite challenges, Brazil’s soy sector remains pivotal in global trade, shaping the soy market and Brazil’s economy.
It underscores Brazil’s vital role in global food supply chains and its capacity to excel amidst market fluctuations.