Brazil’s trade flow with Arab countries reaches $2.56 billion

Sajjad Ahmad, Gulf Today

Brazil is one of the largest trade partners of the Arab countries and the trade volume between Brazil and Arab states has witnessed significant growth in the recent years.

Arab-Brazilian Chamber of Commerce (ABCC), latest figures revealed that Brazil’s trade balance with Arab countries recorded an increase of 12.5 per cent in January and February 2021 compared to its performance from the same months a year ago, posting a total value of $2.56 billion.

According the figures, in the first two months this year, the Brazilian exports to Arab countries reached $1.78 billion, up by 12.69 per cent from 2020.

Arab-Brazilian Chamber of Commerce highlighted that the surplus results maintained a positive performance.

Rubens Hannun, President, Arab Brazilian Chamber of Commerce, said, “Brazil’s trade performance in the first two months this year showed the strength of trade relations between Brazil and the Arab region. It further reflects an upward trend amid intensified efforts toward economic recovery from the impact of the COVID-19 pandemic, as vaccination and strong precautionary measures continue to advance in these markets.”

He added, “The ongoing revitalisation provides a new drive for Brazil and the Arab nations to continue the diversification of trade products to benefit the supply chain inputs and intermediate goods as well as the higher value-added finished products. We are confident that the trade exchange between these markets will continue to deliver greater results with the support of ABCC in engaging Brazil and Arab countries to explore other areas that will further expand the existing trade alliance.”

The Arab region remains the third largest destination of goods and products for the South American country, next to China and the United States. During the period, Brazilian exports to Saudi Arabia are valued at $296.87 million; Egypt, $288.69 million; and the UAE at $204.81 million. The topmost exported products in the Arab countries include iron ores and concentrates, including roasted iron pyrites; fresh, chilled, or frozen poultry; cane or beet sugar and chemically pure sucrose; corn; and beef products. The value of imported goods from Arab countries to Brazil has reached $777.69 million during the same period while leading goods imported from the region include fertilizers, mineral fuels, mineral oils, plastics, and aluminum. The Arab countries were the 6th main supplier for Brazilian imports.

Separately, the Brazilian Trade and Investment Promotion Agency (Apex-Brasil) has announced that participants from the country closed business deals estimated at a total of $33.2 million at the recently concluded Gulfood 2021 in Dubai.

Various pavilions of Brazil showcased at the exhibition eye prospects of reaching $236.7 million in the following months, according to Apex-Brasil.