The export of soybeans and their derivatives contributed approximately $4 billion to Paraguay’s economy at the close of the 2024 soybean harvest, according to the Paraguayan Chamber of Exporters and Marketers of Cereals and Oilseeds (Capeco).
This year, Paraguay planted 3.65 million hectares of soybeans, including the primary and off-season soybean harvests, achieving a total production of 11 million tons for the 2023/2024 campaign, based on an average yield of 3,000 kilograms per hectare.
According to Sonia Tomassone, Capeco’s foreign trade advisor, 7.8 million tons of soybeans were exported to Argentina, Brazil, and Russia, the primary destinations, by November.
Currently, Paraguayan soybeans have access to 56 international markets. Capeco has been working to open new markets for Paraguay exports to mitigate potential challenges in exporting to the European Union due to upcoming regulatory changes.
Tomassone also highlighted that while Paraguay does not currently have significant direct soybean exports to the EU, it does participate indirectly since Argentine oil and pellets often contain Paraguayan soybeans.
Meanwhile, corn was cultivated over 750,000 hectares, with an average yield of 4,450 kg/ha and 3,185,000 tons produced.
370,000 hectares of wheat were planted, with a yield of 2,880 kg/ha and a total production of 1.1 million tons.
