SAO PAULO: Brazil’s soybean exports should reach 99 million metric tons in 2023, up by 500,000 from a month ago, oilseed group Abiove said on Tuesday, as the country counts on solid demand from China and a record harvest this year.

Abiove’s estimate for soybean output from the world’s largest producer and exporter of the oilseed was raised by 300,000 tons to a record 157.3 million tons.

Forecasts point to a sharp increase compared to 2022, when Brazil exported 78.7 million tons and produced 129.9 million tons, according to the association that brings together the sector’s main traders and processors.

“Brazil continues to gain ground in the international market due to the quality of its soybeans and increased demand for food in China,” said Abiove’s Economics Director, Daniel Amaral.

Abiove also maintained Brazil’s soybean processing forecast at 53.5 million tons, from 50.9 million tons in 2022.

With the adjustments, revenue from exports of soybeans, soybean meal and soybean oil from Brazil was estimated at a record $66.8 billion in 2023, compared to $66.58 billion in the previous forecast and $60.9 billion in 2022.