According to DATAGRO Grains, Brazilian soybean complex exports are expected to soar by 23.3% in 2023 compared to the previous year, totaling 125.4 million tons. This growth is driven by an increase in soybean exports (28.3%) and soybean meal exports (8.1%), while soybean oil exports are expected to decrease slightly (7.6%). Some of the causes are Brazil’s record crop, losses in the United States in 2022, and China’s increasing worldwide imports of soybeans and corn after overcoming African swine disease. Despite decreased average prices, revenue is expected to reach a record high of USD 66.4 billion in 2023. Soybean complex exports are expected to help counterbalance a reduction in overall Brazilian exports in 2023. DATAGRO anticipates a rise in export volume but a decrease in value in 2024 compared to 2023.
Source: DATAGRO (*Translated by Ia Niani)
DATAGRO FORECASTS RECORD EXPORTS FOR THE SOYBEAN COMPLEX IN 2024
Published On - 9 de November de 2023