Brazil exported more than 100 mln tons of soybeans for the first time in its history
According to the data released by the Secretariat of Foreign Trade, in December Brazil already exported about 1.99 mln tonnes of soybeans, bringing the total volume in 2023 to about 100.02 mln tonnes. This figure has already exceeded the previous record of 86.1 mln tonnes, which the country reached in 2021.
The new record was achieved due to an unprecedentedly high soybean harvest in Brazil (about 155 million tons) and strong demand from leading importers (primarily from China), which took advantage of lower prices to build up stocks.
In addition, the intensification of soybean exports from Brazil was facilitated by the severe drought in Argentina, which led to a significant reduction in domestic production of the oilseed and a sharp increase in soybean imports from Brazil.
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