Covantis, a platform in the grains and oilseeds industry, reported 2023 as another year of significant growth and achievement. The platform's latest market statistics for 2023 show progress and highlight its continued impact on the global agricultural trade industry.
In 2023, Covantis captured 719 million metric tons of volume executed through its platform, representing a substantial increase compared to the previous year. This signifies a year-on-year growth of 37%, showcasing the platform's increasing relevance and influence in the market.
Notably, Covantis played a pivotal role in facilitating exports for major grain and oilseed-producing countries. In 2023, a staggering 76% of Brazil's exports, 53% of the United States' exports, 34% of Canada's exports, and 51% of Argentina's grain exports were executed through the Covantis platform, based on export data from local trade associations and agents. Covantis has continued to invest in platform development and new features in 2023, further enhancing efficiency and reducing risk for its clients.
On the 5,500 vessels executed on the platform, 200,000 messages and documents were exchanged, marking an uplift of 80% compared to the previous year. The platform's document capabilities also saw strong adoption in 2023, with a 300% growth. More than 4,000 documentary instructions were exchanged and an equally extensive amount of document reviews and approvals were completed, highlighting the industry's objective to digitalize document processes.
Furthermore, Covantis witnessed substantial growth in its active participants, with the number of legal entities and teams engaged in the platform increasing from 130 to 180. This diverse group of entities and teams now has a global presence, reinforcing Covantis' commitment to support trading companies worldwide to modernize their trade execution processes and work more efficiently.
“Becoming a truly global platform for post-trade processes requires more than just technology – it demands a strategic vision and hard work to transform the challenges into opportunities. Covantis platform isn't just a solution; it's a gateway to a collaborative future, connecting participants, driving efficiencies, and speeding up the processes, thus paving the way for further digital innovation opportunities. We set a target to become a global platform for post-trade processes of agricultural commodities in 5 years since our launch. I am very pleased to see the remarkable growth we achieved in 2023 and excited about the new commodity and market expansions as well as new product capabilities we will be releasing in 2024,” said Petya Sechanova, Covantis CEO.
