Paraguay’s Beef Exports Hit Record High in 2024: A Deep Dive into the Numbers
Paraguay’s beef industry reached new heights in 2024, with exports of bovine meat surging to 381,981.3 tons, a 6.8% increase compared to the previous year’s 357,763.7 tons. In monetary terms, these exports generated a staggering $1.78 billion, marking a 12% rise from the $1.59 billion earned in 2023, according to data from the Central Bank of Paraguay (BCP).
Main Destinations: A Global Footprint
Paraguay’s beef exports are categorized into three main presentations: frozen, cooled, and offal.Frozen meat dominated the market, accounting for 55.1% of total exports (210,335.3 tons), followed by cooled meat at 35.2% (134,409.4 tons) and offal at 9.7% (37,236.6 tons).
Chile emerged as the top destination, absorbing 31.8% of Paraguay’s beef exports. Other key markets included Taiwan (10.5%), Russia (8.3%), the United States (7.5%), Israel (7.3%), and Brazil (7.0%). Regionally, South America accounted for 41.5% of exports,with Asia and Europe following at 26% and 14%,respectively. North and Central America jointly represented 9.7%, while Africa rounded out the list at 8.8%.
| Export Presentation | Volume (Tons) | Top Destinations |
|————————–|——————-|———————–|
| Frozen Meat | 210,335.3 | Asia (43.1%) |
| Cooled Meat | 134,409.4 | South america (95.1%)|
| Offal | 37,236.6 | Africa (35.3%) |
Factors Driving Growth
Several factors contributed to this record-breaking performance.First, the average export price per ton increased significantly. Frozen meat saw the highest year-on-year price rise at 8.5%, followed by offal (4.3%) and cooled meat (3.6%). This price surge helped boost overall revenue despite a relatively modest increase in export volume.
Second,the bovine slaughter rate hit a historic high of 2,213,203 heads,a 9.5% jump from 2023. José Carlos Martin, president of the National Animal Health and Quality Service (Senacsa), attributed this growth to a severe water crisis that reduced grass availability, forcing producers to sell cattle earlier than planned.
Paraguay successfully penetrated strategic markets like the United States and Canada. According to the United states Department of Agriculture (USDA), these countries ranked among the world’s top beef importers in 2024, with the U.S. securing the second spot and Canada the ninth. This market diversification allowed Paraguay to redirect meat shipments to higher-paying destinations, further enhancing revenue prospects.
A Bright Future for Paraguayan Beef
the 2024 export figures underscore Paraguay’s growing influence in the global beef market. By leveraging price increases, expanding slaughter rates, and entering lucrative markets, the country has solidified its position as a key player in the industry.As the sector continues to evolve, Paraguay’s beef exports are poised for even greater success in the years to come.
This material was prepared by MF Economy and Investments.
