Paraguay’S Wheat Exports Surge, Outpacing Regional Giants
Date
10/21/2024 2:00:11 AM
(MENAFN- The Rio Times) Paraguay's wheat industry has experienced a remarkable boom, with exports soaring by 159.4% in September 2024 compared to the previous year. This impressive growth has positioned Paraguay as a rising star in the South American wheat market. The country exported 357,900 tons of wheat in the first nine months of 2024, a significant increase from 137,900 tons in 2023.
The surge in exports has substantially boosted Paraguay's foreign exchange earnings. By September 2024, wheat exports generated $84.1 million in revenue, marking a 98.7% increase from $42.3 million in 2023. The Central bank of Paragua confirmed these figures, underscoring the sector's growing economic importance.
Paraguay's wheat production has also seen a notable uptick. The 2022 harvest yielded 851,003 tons, while estimates for the 2023 harvest suggest production exceeded 1 million tons. This growth is attributed to an expansion in wheat cultivation areas across the country.
Brazil remains the primary destination for Paraguayan wheat, receiving 91% of the country's exports. Vietnam, Uruguay, and Bolivia account for the remaining 9%. Paraguay's successful re-entry into the Vietnamese market, an important buyer in 2019, has opened new opportunities for the industry.
The success of Paraguay's wheat sector is particularly impressive given the country's landlocked status. Despite geographical challenges, Paraguay has established itself as a significant player in the regional wheat market . This growth contributes substantially to Paraguay's economy, providing valuable foreign exchange and supporting rural employment.
Paraguay's Wheat Exports Surge, Outpacing Regional Giants
In comparison, Argentina's wheat exports have been recovering from drought impacts but remain below average. Argentina exported about 3.5 million tons of wheat between December 2023 and February 2024, about 15% below its average export levels. Brazil, typically a major wheat importer, has faced production challenges due to late-season rains.
Paraguay's rapid growth in wheat exports highlights its emerging role in South American agriculture. While its total export volume is still smaller than Argentina or Brazil's production, Paraguay's percentage increase in exports demonstrates its potential as an agricultural powerhouse in the region.
As the 2023 wheat export season concludes, Paraguay prepares for the 2024 harvest. The continued growth in production and exports suggests a promising future for the country's wheat industry. This success story underscores Paraguay's ability to compete with its larger neighbors in the agricultural sector.
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