Paraguay’s Soybean Exports Surge by 44.8% in Early 2024
Paraguay’s soybean exports rose by 44.8% in the first half of 2024 compared to the same period in 2023.
This remarkable increase was reported by the Paraguayan Chamber of Exporters and Marketers of Cereals and Oilseeds (Capeco).
Between January and June, Paraguay exported 5,478.6 tonnes of soybeans, a significant rise from 3,782.7 tonnes in the first half of 2023. This uptick represents a positive change of 1,695.9 tonnes.
Financially, this growth translated into a 4.6% revenue increase, reaching $2,166.5 million, which is $94.8 million more than the $2,071.6 million earned by June 2023.
Capeco’s foreign trade advisor, Sonia Tomassone, credited the revenue boost to higher international soybean prices in June.
However, she noted that falling international soybean oil prices negatively impacted earnings from this byproduct, decreasing revenue by $8.4 million compared to the first half of 2023.
Additionally, Tomassone highlighted an increase in soybean industrialization within Paraguay, attributed to the greater availability of raw materials.
This trend reflects a broader move towards adding value to raw agricultural products, a strategy that can enhance economic resilience.
Paraguay’s soybean exports primarily target three markets: Argentina, Brazil, and Russia. Together, these countries account for 90% of total exports.
Notably, Argentina remains the largest buyer, purchasing 76% of Paraguay’s soybean exports.
The surge in soybean exports is significant for Paraguay, a country heavily reliant on agriculture for economic stability.
Paraguay’s Soybean Exports Surge by 44.8% in Early 2024
Soybeans are a crucial export commodity, driving revenue and supporting livelihoods.
The export increase underscores Paraguay’s growing role in global agriculture and the need to maintain competitive pricing and quality.
Moreover, the focus on industrialization suggests a shift towards more sustainable and profitable agricultural practices.
This development could lead to increased job creation and economic diversification, vital for long-term economic health.
As Paraguay continues to strengthen its agricultural sector, monitoring market trends and adapting to global demands will be essential for sustaining growth.
Key Facts
— Deep Dive
— For the complete picture, read our in-depth guide: Paraguay: Washington's Most Valued Ally in Latin America
More: Brazil news in English, every day from The Rio Times.
This article was drafted with automated assistance and reviewed before publication. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief