In a groundbreaking announcement, the Paraguayan Chamber of Grain and Oilseed Producers and Exporters (Capeco) shared that Paraguay had a monumental soybean output during the 2023-24 season. This exceptional feat resulted in the production of nearly 11 million tons of soybeans, leading to revenues of approximately US$ 4 billion, a notable increase from the previous season’s US$ 3.5 billion.
Key Highlights from the Report:
- A vast area of 3.65 million hectares was cultivated, showcasing an average productivity of 3,000 kilograms per hectare.
- Despite facing challenges such as adverse weather conditions and market fluctuations, Paraguay managed to achieve remarkable soybean production levels while upholding robust foreign trade relationships for the oilseed and its derivatives.
During a press conference, Capeco’s president, José Berea, emphasized the significance of Paraguay’s achievement in the face of various obstacles. He highlighted the country’s success in maintaining a solid status in the global soybean market, cementing its position as a significant player in the industry.
Exporting Success and Market Reach:
- Paraguay was set to export approximately 7.8 million tons of soybeans, primarily to countries like Argentina, Brazil, and Russia.
- Argentina remained the leading destination for Paraguay’s soybean exports, followed by Brazil and Russia, showcasing the country’s strong presence in the international market.
- Despite challenges, Paraguay solidified its position as the fourth-largest exporter and the sixth-largest oilseed producer worldwide, further establishing its influence in the global agricultural sector.
Strategic Considerations and International Relations:
- Capeco’s cautious approach towards the Free Trade Agreement (FTA) between the European Union and Mercosur highlighted the organization’s commitment to safeguarding local interests.
- The Paraguayan Foreign Ministry’s diligent efforts in protecting national interests were commended, showcasing a cohesive approach towards international trade agreements.
- Furthermore, the rise in soybean oil exports, particularly to India, marked a significant milestone in Paraguay’s economic growth. The record-breaking exports in October exemplified the country’s prowess in the global market, signaling promising opportunities for future growth and expansion.
In conclusion, Paraguay’s record soybean output exemplifies the country’s resilience, innovation, and success in the agricultural sector. With strategic partnerships, prudent decision-making, and a commitment to sustainable growth, Paraguay continues to make strides in the global market, setting a benchmark for excellence in soybean production and export.
