Bolivia anticipates USD 500 M boost in export sales with new product releases

The recent clearance for exports of soybean meal, whole soy flour, crude soybean oil, refined soybean oil, rice, and sorghum is anticipated to inject at least USD 500 million in additional sales, as estimated by Marcelo Montenegro, the Minister of Economy and Public Finance.

“We believe that with these incentives, we will see a significant increase. Agricultural exports currently stand at around 2 billion dollars, so we anticipate it to rise to around 2.3 or 2.5 billion dollars,” projected the Bolivian authority.

According to data from the Ministry of Productive Development and Plural Economy, Bolivia’s manufacturing industry exported over USD 5.556 billion in 2023, with over USD 1.757 billion stemming from the export of soybean by-products, including soybeans and sorghum, constituting 32% of the total exports from Bolivia.

The streamlining of export procedures marks the first of ten points agreed upon between the Bolivian government and local entrepreneurs in an economic, productive, and business agreement aimed at normalizing the supply of dollars in the nation’s domestic market.

To fulfill this point, Nestor Huanca, the Minister of Productive Development and Plural Economy, delivered a total of 34 Certificates of Internal Supply at a Fair Price (CIPJ’s) to the country’s oilseed industries on Tuesday, February 20th.

The Bolivian government also anticipates an increase in oilseed industry production to generate higher value-added soy products and enhance exports, with the aim of bringing in more foreign currency for the country.

“With these measures, exports could multiply due to improved productivity per hectare of soybeans, corn, and various other agricultural products,” noted Minister Montenegro.

“Soybean meal may have a certain price in the international market, but through an industrial process, by extracting the liquids, it can become a much more valuable protein and cost 2,500 dollars per ton,” exemplified the authority.

Source: PortalPortuario

Original article: https://portalportuario.cl/bolivia-estima-usd-500-millones-adicionales-en-ventas-con-liberacion-de-exportaciones/

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