Brazil, the world’s largest soybean grower and exporter, has significantly increased its soybean imports. From January to May 2024, the country imported 523 thousand tons, which is a 522.6% increase compared to the same period in 2023. The highest historical import was recorded in 2021 at 863 thousand tons. Giovani Ferreira, the director of Canal Rural Sul, predicts that imports will surpass one million tons by 2024 due to a reduced yield, higher use of soybeans for biodiesel, and increased exports. As of May 2024, Brazil had exported 50 million tons, with an expected total of 90 million tons for the year.
Source: Canal Rural (*Translated by Ia Niani)
BRAZIL ON TRACK TO IMPORT RECORD VOLUME OF SOYBEANS IN 2024
Published On - 5 de July de 2024