Brazil's soybean export income rises 70%

Tag: fresh soybean

Brazil's soybean and derivatives exports income grew by 70% in the first half against a year before, to US$9.03 billion from US$5.39 billion. Soybean exports accounted for 10% of Brazil's overall export revenue in the first half and the product was leader in agribusiness exports in the period.
 
In terms of volume, soybean and derivatives exports rose by 4% in the first half, to 20.70 million tonnes from 19.85 million tonnes a year before. The National Commodities Corporation (Conab) expects grains, oil and soymeal exports to reach 41 million tonnes in 2008.

According to Conab's Oilseed and Cattle Raising Manager João Paulo de Moraes, the increase in international soybean prices is due to a rise in global demand, especially from China, to a reduction in US supply in 2007 and to growing demand for vegetable oil - especially for biodiesel.
 
In fact, according to Moraes, the revenue would have been higher had it not been for the appreciation of the Brazilian real against the dollar.