Sao Paulo, Brazil, 29 Sept – The Brazilian soy sector expects this year to export beans, oil and bran totalling US$23 billion, which is much higher than the US$17 billion sold in the last three seasons, according to estimates from the Brazilian Association of Vegetable Oil Industries (Abiove).
Fábio Trigueirinho, the executive secretary of Abiove, told financial newspaper Valor Económico that projections had systematically been raised since the beginning of the year and by august export revenues had totalled US$12.5 billion.
Of the 32.4 million tons of soy beans that Brazil is expected to export this season (2011/2012) China is expected to buy almost 70 percent or more than 22 million tons. According to Trigueirinho China is expected to have imported around half the soy beans it acquired in the April-June quarter from Argentina and Brazil.
Another important market for Brazilian products is Europe which, even though it is facing further financial crisis, continued to consume soy for meat production, and acquired 70 percent of its soy bran imports from Brazil.
The executive secretary of Abiove also said that, of the 14.2 million tons of soy bran that Brazil is due to export during the agricultural campaign, almost 10 million tons would be sold to Europe.
“China and Europe account for 80 percent of our soy sector exports,” Trigueirinho said. (macauhub)