Paraguay's Record-Breaking Soybean Harvest - You Won't Believe These Numbers!

In a bountiful agricultural season, Paraguay celebrates a remarkable soybean production reaching 11 million tons in the 2023/24 harvest. This significant milestone underscores Paraguay’s position as one of the top producers and exporters worldwide, contributing substantially to the country’s economy.

Key Points from the Harvest Season:

A total of 3.65 million hectares of soybeans were planted, resulting in the production of 11 million tons of the oil bean.
The average yield per hectare stood at an impressive 3,000 kilos.
The generated revenue from this harvest season totaled approximately US$4 billion, highlighting the economic importance of soybean production in Paraguay.

Soybean Export Statistics and Markets:

By November, Paraguay had exported 7.8 million tons of soybeans, with Argentina, Brazil, and Russia serving as primary destinations.
Paraguayan soybeans currently have access to 56 markets, depicting the global reach of the country’s agricultural products.
Efforts are underway to secure new markets, particularly in light of potential challenges stemming from stricter regulations in the European Union.

Challenges and Opportunities in Exporting to the EU:

Paraguay faces challenges exporting soybeans directly to the EU but indirectly contributes through the soybean oil and meal exported from Argentina.
The competitive bean crushing industry in Argentina plays a significant role in utilizing Paraguayan soybeans for export purposes.
Despite limited direct exports to the EU, Paraguay maintains an indirect presence through its contributions to the larger soybean export market.

Diversification of Crops and Domestic Consumption:

Apart from soybeans, maize cultivation covered 750,000 hectares, yielding a total production of 3.185 million tons.
Wheat production spanned 370,000 hectares, resulting in a production of 1.1 million tons, primarily designated for domestic consumption.

As Paraguay continues to excel in agricultural production, diversifying its crops and exploring new export markets, the future looks promising for the country’s agricultural sector. With a robust foundation in soybean production and a focus on sustainability, Paraguay is poised for further growth and prosperity in the global market.