The 3.65 million hectares of soybeans planted in Paraguay, produced 11 million tons of the oil bean during the 2023/24 harvest season generating some US$ 4 billion for the landlocked country economy, which is among the top producers and exporters in the world.
Add your comment!The Paraguayan Chamber of Grain and Oilseed Producers and Exporters (Capeco) announced Monday that the South American country produced nearly 11 million tons of soybeans during the 2023-24 season, which generated revenues of around US$ 4 billion up to last month, a significant progress from the previous US$ 3.5 billion.
Paraguayan soybean producers warned this weekend that the La Niña weather phenomenon may affect this year's crop while the 2023/24 harvest is expected to reach a record in tons produced and exported, it was reported in Asunción.
Paraguayan exports of soybeans are gaining steam, according to shipment data provided by Marine Link. Farmers are accelerating sales due to a stronger global market and higher prices for the oil seed.
Landlocked Paraguay has become the new 'soybean king' with a harvest of over 9 million tons, a new record, 13% compared to the previous crop, according to the figures released by the Paraguayan Chamber of Grains and Oilseeds Exporters, Capeco.
Paraguay’s central bank increased the country’s growth estimate for 2013 from 13% to 13.6%, the highest for Latinamerica. Estimates have been on the increase since October last year, 9.5%; December, 10.5%; April 13% and now, 13.6% which compares to the 0.9% contraction of 2012, when drought and Foot and Mouth Disease hit Paraguay’s main export items, soybeans and beef.
Paraguay’s GDP expanded 13.3% in the second quarter of this year boosted by agriculture and beef exports, according to the latest release from the Central bank. Agriculture has proved the most dynamic sector with 6.2% growth helping Paraguay to have the fastest growing economy this year in Latam following on a 0.9% retraction last year, because of an extended drought.
The Paraguayan government said that the recently Senate approved controversial 10% levy on all exports of oilseeds and grains is “non applicable’ since it would need an amendment of the Customs Code, and recommends the implementation of alternative taxes.
Consumer prices in Paraguay dropped 0.3% during May which brings the accumulated five month inflation to 0.2%, reported the Central bank. The percentage is considerably lower than May a year ago when it reached 0.4% and had accumulated 3.2%. Twelve month inflation in May reached 0.9% which compares favourably with the 3.8% of a year ago
The Paraguayan economy is poised to expand 11.3% next year propped by the strong recovery from agriculture according to Pricewaterhouse Coopers, an estimate far more optimist than the 9.5% of the government budget.