Paraguay witnessed a striking 109.3% boost in its wheat exports in January 2024, as announced by Capeco last Saturday.
This leap signals a strong start to the year, with 36,084 tons shipped out.
This figure starkly contrasts with the 17,142 tons from January of the previous year, showing an increase of 18,843 tons.
Revenue from these sales climbed 28.5%, hitting $7 million. This is a $1.6 million rise from the $5.4 million seen in the same timeframe last year.
Sonia Tomassone from Capeco shared insights on this growth. She noted it came even as soybean harvests slowed wheat sales.
Farmers are slowly releasing their 2023 wheat stocks, hoping for better prices. This patience has paid off, with more wheat being sold now than before.
The report also points out that from October 2023 to January 2024, wheat exports totaled 120,556 tons. This is a 60.9% jump from the same months of the previous season.
Wheat processing is a big industry in Paraguay, where locals consume about 650,000 tons annually. This leaves a smaller amount for overseas sales.
Brazil is the main buyer, purchasing 91% of Paraguay’s wheat. This relationship underscores the importance of these exports.
They boost Paraguay’s economy and strengthen ties with neighboring countries.
Background
This surge in exports reflects Paraguay’s growing role in global wheat markets. The country has worked hard to increase its agricultural capacity.
Investments in technology and farming techniques have paid off, leading to higher yields.
Paraguay’s strategic focus on wheat has allowed it to tap into international demand effectively.
Historically, Paraguay was not a major player in wheat exports. Its agricultural sector was more focused on crops like soybeans and maize.