In 2023, the Brazilian soybean complex witnessed a remarkable surge in both export volume and revenue, reaching record levels.
- Emily A. Vieira
- Feb 27, 2024
- 2 min read
In 2023, the Brazilian soybean complex experienced a substantial increase in export volume, reaching 126.818 million tons—an impressive 24.7% rise compared to the 101.681 million tons exported in 2022, according to a survey by DATAGRO Grãos.
This total comprised 101.856 million tons of soybeans (+29.4%), 22,613 million tons of soybean meal (+11.1%), and 2,349 million tons of soybean oil (-9.6%). Several factors contributed to this record, including Brazil's abundant harvest, estimated at 160,234 million tons of soybeans, a 23% increase from the previous season; Challenges in the United States harvest for the fourth consecutive year; increased purchases by China post-African swine fever; geopolitical tensions between the US and China; and enhanced competitiveness due to lower price standards.
Despite a decline in average prices, a record-breaking total revenue of US$67.377 billion was achieved in 2023—an increase of 10.9% from 2022 when US$60.748 billion was collected. The revenue breakdown included US$53.316 billion from soybean sales (+14.7%), US$11.507 billion from bran sales (+11.4%), and US$2.554 billion from oil, which experienced a decrease of (-35.1%).
Flávio Roberto de França Junior, an economist and content leader at DATAGRO Grãos, emphasized the significant role of the soybean complex in preventing a decline in Brazil's global exports in 2023. The sector's contribution rose to 19.8%, exceeding the 18.2% recorded in 2022 and surpassing the 16.2% average over the past decade.
Looking ahead to 2024, DATAGRO Grãos projects a 9.4% reduction in external exports, estimating 114,900 million tons from the Brazilian soybean complex. Revenue is anticipated to decline by 19.1% to US$54.480 billion, with soybeans contributing US$41.736 billion (-21.7%), soybean meal US$10.560 billion (-8.2%), and soybean oil US$2.184 billion (-14.5%). Despite the decrease, the soy sector is expected to maintain a significant share in Brazil's overall exports, although reduced to 17.0% from 19.8% in 2023.
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