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Soybean industrialization tripled in five years in Paraguay
Jan. 18, 2017
Soybean industrialization in Paraguay tripled in the last five years, the Paraguayan Chamber of Exporters and Traders of Cereals and Oilseeds (Capeco) said.
About 4 million tons of soybeans were milled in 2016, a whopping increase from just 1.43 million tons in 2011, Capeco added.
Such a sharp rise in the oilseed milling volume was due to the fact that multinational and local firms made key investments after these were offered incentives and other important attractions.
The guild reported that the measures taken by the government of Argentina to facilitate the import of Paraguayan soybeans did not have a significant effect on the domestic industry since this market accounted for only seven percent of the total soybean shipped to the world.
According to the Capeco report, even though Paraguay had the capacity to mill soybean, the local oil industries were responsible for exporting 36 percent of the commodity, or two million tons, in the natural state, according to certificates of origin issued by the Unique Export Window (VUE).
Soybeans’ export increased by 22 percent in 2016, setting an absolute record in the industry's history in one season.
Shipments of oilseed totaled 5,370,230 in 2016, while in 2015, the volume traded had reached 4,403,986 tons.
Capeco executives explained that the higher volume of shipments was due directly to a higher production this season.
As for the most important Paraguayan soybean destinations, the European Union stood out as it acquired 29 percent of the volume exported by Paraguay, followed by Russia with an 18 percent share, Turkey 13 percent, Brazil 8 percent, Argentina 7 percent, Mexico 6 percent, South Africa 5 percent, Israel 5 percent, South Korea 3 percent and others 6 percent.
Source: AgroNews
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