Uruguay: Soya Bean Market 2024

Soya Bean Market Size in Uruguay

The Uruguayan soya bean market contracted to $X in 2022, waning by X% against the previous year. Over the period under review, consumption, however, continues to indicate a abrupt curtailment. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Soya Bean Production in Uruguay

In value terms, soya bean production contracted to $X in 2022 estimated in export price. Overall, production, however, saw a pronounced slump. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

In 2022, the average soya bean yield in Uruguay skyrocketed to X tons per ha, rising by X% on 2021 figures. Overall, the yield indicated slight growth from 2012 to 2022: its figure increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 when the yield increased by X% against the previous year. The soya bean yield peaked at X tons per ha in 2013; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the soya bean harvested area in Uruguay totaled X ha, remaining constant against the previous year. Over the period under review, the harvested area recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to soya bean production attained the maximum at X ha in 2015; however, from 2016 to 2022, the harvested area stood at a somewhat lower figure.

Soya Bean Exports

Exports from Uruguay

In 2022, overseas shipments of soya beans were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, total exports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, soya bean exports soared to $X in 2022. Over the period under review, exports enjoyed measured growth. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Free Zones (X tons) was the main destination for soya bean exports from Uruguay, with a X% share of total exports. Moreover, soya bean exports to Free Zones exceeded the volume sent to the second major destination, China (X tons), threefold. Argentina (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Free Zones amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Argentina (X% per year).

In value terms, Free Zones ($X) remains the key foreign market for soya beans exports from Uruguay, comprising X% of total exports. The second position in the ranking was taken by China ($X), with a X% share of total exports. It was followed by Argentina, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Free Zones amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Argentina (X% per year).

Export Prices by Country

The average soya bean export price stood at $X per ton in 2022, jumping by X% against the previous year. Overall, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soya bean export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Bangladesh ($X per ton) and Argentina ($X per ton), while the average price for exports to Free Zones ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (X%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Bean Imports

Imports into Uruguay

In 2022, approx. X tons of soya beans were imported into Uruguay; picking up by X% compared with the year before. Overall, imports, however, saw a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of X%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, soya bean imports surged to $X in 2022. In general, imports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Argentina (X tons) was the main soya bean supplier to Uruguay, with a X% share of total imports. Moreover, soya bean imports from Argentina exceeded the figures recorded by the second-largest supplier, Bolivia (X tons), more than tenfold. The third position in this ranking was held by Brazil (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Argentina amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (X% per year) and Brazil (X% per year).

In value terms, Argentina ($X) constituted the largest supplier of soya beans to Uruguay, comprising X% of total imports. The second position in the ranking was taken by Bolivia ($X), with a X% share of total imports. It was followed by Brazil, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Argentina totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (X% per year) and Brazil (X% per year).

Import Prices by Country

In 2022, the average soya bean import price amounted to $X per ton, growing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a slight contraction. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for Paraguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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