Paraguay: Soybean Export Season Wraps with USD 4 Billion in 2024

According to the Paraguayan Chamber of Grain and Oilseed Exporters and Traders (Capeco), the country’s soybean exports and derivatives injected approximately $4 billion into the national economy by the end of the 2024 harvest season.

Between the main harvest and the second, smaller crop (zafriña), Paraguay cultivated 3.65 million hectares of soybeans this year, producing 11 million tonnes during the 2023/2024 season, with an average yield of 3,000 kilograms per hectare.

By November, Paraguay had exported 7.8 million tonnes of soybeans, with Argentina, Brazil, and Russia being the primary destinations, as detailed by Sonia Tomassone, Capeco’s Foreign Trade Advisor.

Currently, Paraguayan soybeans have access to 56 markets. Capeco has been actively working to secure new markets amid potential challenges exporting to the European Union, stemming from the upcoming implementation of stricter regulations. Tomassone noted that while Paraguay currently has limited direct soybean exports to the EU, it maintains an indirect presence, as Paraguayan soybeans are used in the soybean oil and meal exported from Argentina.

Meanwhile, maize was cultivated on 750,000 hectares, with an average yield of 4,450 kilograms per hectare, resulting in a total production of 3.185 million tonnes.

As for wheat, 370,000 hectares were sown, yielding an average of 2,880 kilograms per hectare and a total production of 1.1 million tonnes.

Source: Agencia de Información Paraguaya

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