According to DATAGRO Consultancy, exports of the so-called “soy complex (soybeans, soybean meal, and oil) may hit a record in Brazil. The total estimate for shipments in 2021 is 104.3 million tons, which represents an increase of 2.8% when compared to the 101.4m/t last year. These numbers support the growth trend of the sector in Brazil’s foreign trade: “To set the record, we have to take into consideration the shipments forecast of 85.5mt of soybeans (up 2,5%), 18 million tons of soybean meal (up 6.1%) and the volume of 850 thousand tons of soybean oil (down 23.4%) in 2020”. Due to the forecast in the total volume, DATAGRO points out that the total revenue from the soy complex exports in 2021 will be expressive again, and may well surpass the record of 2018, reaching US$ 43.115 million, 21.8% higher than 2020. DATAGRO also says that the soy complex may increase its participation in Brazil’s general export agenda.

Source: Agrolink (*Translated by Ia Niani)