Paraguay Soybean Exports Jump 23% in 2024, Revenue Drops 7.4%

Paraguay’s soybean exports, the country’s main commodity, saw a significant increase in 2024. The Paraguayan Chamber of Cereal and Oilseed Producers and Exporters (Capeco) released a report on Tuesday detailing the growth. Soybean shipments reached 7.9 million tons in 2024, up from 6.4 million tons in 2023.

Despite the volume increase, foreign exchange earnings fell by 7.4%. The total revenue generated was $3.170 billion, down $253.7 million from 2023’s $3.4 billion. Sonia Tomassone, Capeco’s foreign trade advisor, explained that lower international prices negatively impacted Paraguay’s foreign exchange earnings.

Argentina emerged as the top destination for Paraguayan soybeans in 2024. It accounted for 84% of total exports. Brazil claimed the second spot with a 10% share, while Russia ranked third with 3%.

Paraguay Soybean Exports Jump 23% in 2024, Revenue Drops 7.4%. (Photo Internet reproduction)

The surge in export volume demonstrates Paraguay’s growing agricultural prowess. However, the decline in revenue highlights the challenges faced by commodity-dependent economies. Market fluctuations can significantly impact a country’s economic performance.

Paraguay’s soybean industry plays a crucial role in the nation’s economy. The sector’s ability to increase production and exports showcases its resilience. Yet, the revenue drop underscores the need for diversification and value-added strategies.

The shift in export destinations also reveals changing global trade dynamics. Argentina’s dominant position as the primary buyer of Paraguayan soybeans indicates strong regional trade ties. This trend may influence future agricultural policies and trade agreements in South America.

Paraguay Soybean Exports Jump 23% in 2024, Revenue Drops 7.4%