Revenue from exports from the soybean complex broke new records in 2022

The Brazilian Association of Vegetable Oil Industries (ABIOVE) updated the monthly statistics of the soybean complex in Brazil and adjusted the projection for the 2023 harvest.

Data published by the Secretariat of Foreign Trade (Secex) and compiled by ABIOVE indicate that revenue from exports from the soybean complex broke new records in 2022.

Bran exports grew substantially: they went from 17,2 in 2021 to 20,4 million tons in 2022 (18% increase), the highest volume ever recorded since ABIOVE began the series of statistics with data from 1999. Revenue with these exports in 2022 it was just over US$10 billion.

Soybean oil also had a great performance, growing 58% compared to 2021, from 1,7 to 2,6 million tons. This volume was no greater than the 2,7 million tons in 2005. Revenue from international sales in 2022 was almost US$4 billion.

Regarding soybeans, due to the drop in production and the growing demand for processed products, exports fell by 8%, 78,9 million tons in 2022 against 86,1 in 2021. However, revenue was more of US$46 billion.

Processing

Data accumulated from January to November, verified from a representative sample of around 85% of crushing in the country, shows that soybean processing in 2022 should close at 50,4 million tons, an increase of 5,5% compared to same period in 2021. Grain production could reach 128,5 million tons.

2023 Harvest

ABIOVE's projections for the next harvest underwent few changes compared to the last release (December). Soybean production is expected to be 152,6 million tons, a historic record, just below the 153,5 million tons initially forecast. Even so, expectations regarding grain processing remain at 52,5 million tons, the highest ever recorded in the entire historical series. It is worth mentioning that ABIOVE is considering the resumption of the biodiesel blend, 15% (B15), from March, according to the schedule set out in the legislation.

Exports

Exports of soybeans are expected to reach 92 million tons this year. The volume of soybean meal exported remains at 20 million tons, while soybean oil destined for the international market is expected to grow from 1,6 million tons (first projection) to 1,75 million. Finally, average prices were changed, based on projections for 2023, so that the expected revenue from exports of soy complex products is around US$64,9 billion this year.