Paraguay’s Soy Exports Jump 48.6% in First Seven Months of 2024

In a significant development for Paraguay’s economy, soy exports surged by 48.6% by the end of July 2024. This increase compares to the same period last year.

The Paraguayan Chamber of Exporters and Marketers of Cereals and Oilseeds (Capeco) provided this data. Their report highlights a robust performance in a key agricultural sector.

From January to July 2024, Paraguay shipped a substantial 6.37 million tons of soy. This figure represents a sharp increase from the 4.29 million tons recorded during the previous season.

The country’s output rose by an impressive 2.08 million tons. Consequently, Paraguay has demonstrated growing capability in soy production.

Financially, this growth resulted in an 8.4% increase in foreign currency earnings. The total reached $2.53 billion.

This amount reflects an uptick of $196 million over the $2.33 billion earned by July 2023. Despite positive shipment volumes, lower international prices for soy derivatives slightly dampened revenue gains.

Sonia Tomassone, Capeco’s foreign trade advisor, highlighted increased industrialization of soy. This shift occurred compared to the previous year.

The ample availability of raw materials facilitated this development. Increasing the production of processed soy products could buffer the economy against fluctuating prices.

Paraguay’s Soy Exports Jump 48.6% in First Seven Months of 2024

Export destinations remain highly concentrated. Three main markets—Argentina, Brazil, and Russia—absorbed 94% of Paraguay’s soy exports.

Argentina remains the dominant buyer, accounting for 79% of the exports. This concentration underscores the strategic importance of these trading relationships.

This uptick in soy exports not only showcases Paraguay’s agricultural prowess but also signals a vital influx of foreign currency.

This influx is crucial for the country’s economic stability and growth. The increase in export volumes and strategic industrialization of soy production reflect deliberate efforts to leverage agricultural resources for broader economic gains.