Soybeans market in Guatemala

Earlier Report Observations

The Guatemalan soybean market expanded from 38 037 tonnes in 2018 to 47 237 tonnes in 2021. Early in the period, the market was affected by international factors such as record soybean production in Brazil, which influenced local prices and supply, alongside dry weather conditions in some Guatemalan regions. By 2021, increased agricultural supply, driven by high harvest cycles in departments like Alta Verapaz and Guatemala, supported market growth. External elements like international oil prices and China's interest in Brazilian soybeans also played a role in shaping regional market dynamics.

After reaching its peak in 2021, the market volume contracted to 43 368 tonnes in 2022 and stabilized at 43 409 tonnes in 2023. During this phase, the Guatemalan Exporters Association (AGEXPORT) emphasized export growth and the identification of new trending products like natural juices and vegan items, which influenced the agro-industrial sector. In 2024, the government approved Decree 31-2024, a framework law for integrating the primary and livestock sectors, and launched the National Irrigation Policy 2024-2033 to enhance agricultural production in rain-dependent areas.

Production soybeans in Guatemala

In kind, 2017-2020, t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Guatemala's soybean production increased for the second consecutive year. In 2020, the country produced 41,000 tons of soybeans, which represents a 5.1% increase compared to 2019. Over the period from 2017 to 2020, production grew by 7.9%, with an average annual growth rate of 2.6%. The smallest change occurred in 2018, with no significant variation.

Annual dynamics of production in Guatemala in kind, 2017-2020, t

In value, 2017-2020, M $ US

After two years of growth, soybean production in Guatemala declined in value terms. In 2020, the output was valued at 121.8 million US dollars, which is 13.3% lower than the previous year. Between 2017 and 2020, production value increased by 27.4%, equating to an annualized growth rate of 8.4%. The highest value was recorded in 2019 at 140.5 million US dollars, while the largest increase occurred in 2018 at 29.4%.

Annual dynamics of production in Guatemala in value, 2017-2020, M $ US

Exports soybeans from Guatemala

Exports in kind, t

The market showed significant volatility during this period. Export volumes reached their lowest point in 2018 and peaked in 2020, with a 3.5-fold difference between these years. In 2020, soybean exports from Guatemala totaled 19 tons, marking a 72.1% year-over-year increase. The minimum volume was recorded in 2018 at 6 tons, with the largest decline of 53.0% occurring that same year. The most substantial increase was in 2019 at 103.7%.

Annual dynamics of product's exports from Guatemala in kind, 2017-2020, t

From 2017 to 2020, two countries—the United States and El Salvador—accounted for the majority of Guatemala's soybean exports by volume, while other markets played relatively minor roles individually.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Guatemala in kind, 2017-2020

Exports in value, K $ US

The data shows irregular fluctuations, indicating a volatile market environment. Export values reached their lowest point in 2018 and peaked in 2020, with a 3.2-fold difference between these years. In 2020, soybean shipments from Guatemala were valued at 57,000 US dollars, showing a significant increase of 41.9% compared to 2019. The minimum value was recorded in 2018 at 18,000 US dollars, with the largest decline of 39.2% occurring that year. The most substantial increase was in 2019 at 125.3%.

Annual dynamics of product's exports from Guatemala in value, 2017-2020, K $ US

From 2017 to 2020, the United States served as the primary destination for Guatemala's soybean exports, consistently accounting for 90.9% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Guatemala in value, 2017-2020

Imports soybeans to Guatemala

Imports in kind, t

The import market exhibited considerable volatility during these years. Import volumes were at their lowest in 2019 and peaked in 2017, with a 275-fold gap between these years. In 2020, soybean deliveries to Guatemala totaled 4,829 tons, representing a dramatic 15,005.4% increase year-over-year. The minimum volume was recorded in 2019 at 32 tons, while the largest decline of 99.5% occurred in 2018.

Annual dynamics of product's imports to Guatemala in kind, 2017-2020, t

Throughout 2017–2020, the United States dominated Guatemala's soybean imports by volume, accounting for 77.7% of total flows, with other markets holding comparatively modest shares.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Guatemala in kind, 2017-2020

Imports in value, K $ US

The market displayed an unstable trend throughout the period. Import values were at their lowest in 2019 and peaked in 2017, with a 182-fold gap between these years. In 2020, the value of soybean imports to Guatemala reached 846,000 US dollars, marking a substantial 4,028.0% increase compared to 2019. The minimum value was recorded in 2019 at 20,000 US dollars, while the largest decline of 98.5% occurred in 2018.

Annual dynamics of product's imports to Guatemala in value, 2017-2020, K $ US

From 2017 to 2020, the United States clearly dominated as the main supplier of soybeans to Guatemala, accounting for 96.7% of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Guatemala in value, 2017-2020