Brazilian soy imports up 20-fold in November YoY

Data released by SECEX (the Foreign Trade Secretariat) shows that in November, Brazilian soy imports reached 122,000 tons, 20 times more than in November 2019 (6000 tons). Purchases cost US$ 49.2 million, compared to the US$ 1.9 million spent a year earlier, as the average value of the ton purchased increased from US $328.8 to US$ 402.4.

From January to November, imports totaled 748,000 tons, compared to 131,000 in the first 11 months of last year. According to SECEX, the value of purchases
reached US$ 245 million, almost six times higher than in the same period of 2019 (at US$ 41.1 million).

The heated demand in the domestic market and the record export volumes have led Brazil to renew maximums in soy imports also this year. The combination of these factors, together with the rising dollar, reduced domestic inventories, and the volumes of grain purchased in other countries are expected to remain high until January.

The last year in which Brazil imported a significant volume of soybeans was 2014 when the total reached 577,000 tons imported from January to November. The expectation is that imports persist at high levels until January when the harvest of the 2020/21 harvest begins in Brazil – the country is expected to harvest a record volume of 134.9 million tons.

Source: Valor Econômico

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