Trade Trends News
The South American country's corn exports fell 25.4% in October compared to the same month last year, according to a foreign trade report released by the Central Bank of Paraguay (BCP) in Asuncion on Friday.
In the first 10 months of 2023, Paraguay's corn exports earned US$573.6 million and exported 2.8 million tons, a decrease of 431,600 tons, or 13.2 percent, compared to the same period last year.
As a result, foreign exchange earnings were down $195.6 million compared to the same period last year, when they totaled more than $769.2 million. Still, this year's results are better than the first 10 months of 2021, when corn exports totaled 1.5 million tons.
It was explained that the decline in production last season, coupled with the fall in international corn prices, contributed significantly to the latest figures.
On a more positive note, Paraguay's Minister of Agriculture and Livestock, Carlos Giménez, announced that Paraguay will begin shipping beef to the United States on December 15th.
"From December 15, Paraguay will be able to ship meat, but initially it will be for the industry. From then on, we must seek and conquer the market with quality, because we know that Paraguayan meat not only has genetic qualities, but it has a flavor that conquers the market, and that is what we must rely on." Giménez said.
The minister said that the reopening of the U.S. market is "key to the world market." Cattle numbers have fallen in recent years and measures need to be taken to restore previous levels, and Paraguayan producers know they need to address this. In this regard, Jiménez emphasized the importance of creating a national meat institute.
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