The soybean complex accounts for 6.3% of Brazil’s GDP

In 2023, the soybean complex is expected to account for 6.3% of Brazil’s Gross Domestic Product (GDP), generating an estimated R$691 billion (US$142 billion) this year.

Roughly R$200 billion (US$ 41 billion) will be produced from raw grains.

Approximately R$120 billion US($24.7 billion) comes from crushing and producing inputs, feeds, biodiesel, meal, and oil.

The most significant portion comes from agribusiness services, including consulting, storage, legal advice, etc.

The economic data on soybeans results from a survey conducted by the Luiz de Queiroz College of Agriculture at the University of São Paulo (Esalq) in partnership with the Brazilian Association of Vegetable Oil Industries.

The Center for Advanced Studies in Applied Economics (Cepea) published the findings on campus.

According to Esalq researchers, the wealth generated by soybean farming accounts for 28% of the agribusiness GDP.

Additionally, they anticipate a 20% growth in 2023 compared to the previous year’s performance.

The record production of the crop drives this result. The ongoing harvest is expected to reach 156 million tons.

This amount sets a new record for the sector, which will likely be surpassed in the following season.

For the next harvest, the projection is 163 million tons, according to data from the United States Department of Agriculture.

With expansion comes increased opportunities.

In the first quarter of 2023, for example, activities within the soybean production complex employed 2.4 million workers, as reported by Cepea.

This figure represents a 12% increase compared to the same period in 2023.

Brazil is expected to export 94 million tons of soybeans this year, accounting for about half of the shipments.

The soybeans remaining in the country are used for various applications.

They are raw materials for producing human food, animal feed, and even inputs for industries such as hygiene and automobiles, among other products.