China was Destination for 91.8% of Soy Exports from Paranagua
During the first three months of 2024, China was the destination for 91.8% of the soybean exports from the Port of Paranagua in southern Brazil. According to data from the federal government (Comes Stat), Paranagua exported 3,208,185 tons of soybeans to China during the first quarter of 2024. That number is 105% more than the 1,563,276 tons exported during the same period in 2023.
The port has improved its efficiency in moving soybeans making it more attractive for the large volumes demanded by Chinese importers. Additionally, the smaller soybean production in Argentina in 2022/23 allowed the Port of Paranagua to pick up some of the Argentina business.
Brazil produced a record soybean crop of more than 150 million tons in 2022/23 allowing it to fill the void left by Argentina. The Secretary of Agriculture for the state of Parana expects the volume of soybean exports from Paranagua to China to continue expanding in the years ahead not necessarily due to lower production in Argentina, but from increased demand from China. The Port of Paranagua is the second largest soybean exporting facility in Brazil after the Port of Santos.
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