Brazil shipped about 1.99 million tons of soybeans abroad in December, bringing total exports in 2023 to about 100.02 million tons.
This figure has already exceeded the previous record of 86.1 million tons, which the country achieved in 2021.
The new record was driven by an unprecedentedly high soybean harvest in Brazil (about 155 million tons) and strong demand from leading importers (primarily China), which took advantage of lower prices to build up inventories.
In addition, the acceleration of soybean exports from Brazil was facilitated by a severe drought in Argentina, which led to a significant reduction in domestic production of the oilseed and a sharp increase in its imports from Brazil.
