Brazil breaks soybean oil exports record in just over eight months

Brazil set a record in soybean oil exports in 2022 after reaching the highest revenue level seen since 2018, when the government started collecting data on these shipments. From January to mid-August, data from the Special Secretariat for Foreign Trade and International Affairs of the Ministry of Economy show that Brazil has already shipped 1.59 million tonnes abroad, resulting in partial revenue of US$ 2.5 billion.

Compared with last year’s results, the revenue growth for soy oil export is already 25%. “This is a spectacular performance,” emphasized the content director of Canal Rural, Giovani Ferreira.

Aside from revenue, Ferreira stated that the current year should set a record for the volume of soybean oil exported. That’s because the most significant mark registered so far occurred in 2021 when 1.65 million tonnes of the product were shipped out of Brazil. The number is already at 1.59 million in this year’s partial. “Brazil is exporting more added value,” he said.

See below the track record of Brazilian soybean oil exports shipped between January 2021 and June 2022. Data are from DataLiner.

Soybean oil exports from Brazil | January 2021 – June 2022 | WTMT

Source: DataLiner (click here to request a demo)

“It’s not just that the dollar has risen over the real. The tonne of this product is highly valued on the international market,” Ferreira explained. “With a slightly lower volume compared to the entire year last year, we already have a 25% higher foreign exchange revenue,” commented Canal Rural’s Content Director.

Soybean Complex

The soybean meal market, described by Giovani Ferreira as a “great surprise,” also has positive numbers – and the potential to break records. From January to December 2021, 17.2 million tonnes of the product were shipped abroad, generating US$ 7.3 billion in foreign exchange revenue. As of this month, 2022 has already attained 13.2 million tonnes (worth a total of US$ 6.7 billion).

Despite a reduction in the first seven months, soybean meal exports this year exceed those recorded in 2021. “This year [from January to July], we saw 12 million tonnes, compared to 10 million tonnes in the same period last year. A 20% increase,” Ferreira stated.

While the export of soybean oil has already set a positive record in foreign exchange revenue, and the international market for soybean meal also shows encouraging numbers, the export of soybeans (grains) tends not to exceed the 2021 record of tonnes shipped.

See below the track record of Brazilian soybean exports from January 2019 to June 2022. The data below was collected by Datamar’s business intelligence team through the DataLiner platform.

Soybean exports from Brazil | January 2019 – June 2022 | WTMT

Source: DataLiner (click here to request a demo)

“Will we break the previous year’s record of 86.1 million tonnes?” Very difficult,” said the person in charge of the ‘AgroExport’ newsletter, noting that shipments from January to the second week of August totaled around 63.5 million tonnes.

However, in terms of cash flow, 2022 should outperform last year: the partial is at US$ 37.1 billion, compared to US$ 38.6 billion for the entire year last year.

Source: Canal Rural

To read the full original article, please go to: https://www.canalrural.com.br/noticias/agricultura/2022-ja-e-de-recorde-para-a-exportacao-de-oleo-de-soja/

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