The latest figures released by the Arab-Brazilian Chamber of Commerce (ABCC) revealed sustained robust trade relations between the South American country and Arab markets, with both Brazil’s import and export volumes surging to reach double digits during the first half of 2019. The Brazilian trade balance with Arab countries reached USD 2,390 million during the period.
Brazil’s total exports to the Arab countries jumped 15.1 per cent during the first six months of the year to hit the USD 6 billion mark. Around 1,180.22 thousand tons of Brazilian goods amounting to USD 1,080.54 million were exported to the UAE market, while Saudi Arabia and Egypt bought 1,419.01 thousand tons and 2,765.66 thousand tons of Brazilian commodities, respectively. Brazil’s exports to Saudi Arabia amounted to USD 991.21 million and to Egypt, USD 791.53 million.
The country’s imports from the Arab states were also strong during the same period, growing at 11.5 per cent to reach USD 3,521.08 million. Saudi Arabia exported 2,433.08 thousand tons of goods worth USD 1,191.27 million to Brazil, while the UAE shipped 619.66 thousand tons of commodities amounting to USD 336.14 million to the South American nation. Egypt exported to Brazil 542.68 thousand tons of goods worth USD 135.98 million.
Soybeans, iron, oil, sugar, and vehicles continued to be among the Arab region’s top imports from Brazil, sustaining the growing demand from both the regional industrial sector and the consumer market.
Rubens Hannun, President, ABCC, said: “The surge in Brazil’s exports and imports during the first half of 2019 proved anew the growing trade relations between the country and its trade partners in the Arab world. We are confident that their ties will only grow stronger in the coming months as we expect to see the Arab markets’ demand for Brazilian commodities to continue to rise towards the second half of the year.”
“The region remains confident in Brazil’s socio-economic potentials, citing its promising economic programs that will drive more trade opportunities in the coming years. At ABCC, we will reinforce our efforts to further facilitate trade activities and open up effective communication channels between concerned parties,” Hannun concluded.