Exports from Brazil to Arab countries recorded an increase for the first time this year in March 2015, reflecting booming mutual trade relations.
Figures supplied by the Brazilian Ministry of Development, Industry and Foreign Trade and compiled by the Arab-Brazilian Chamber of Commerce show that Brazilian exports to Arab countries increased to over $1 billion in March, up 1.03 per cent from March last year.
As a result, the total volume of exports reached 3.8 million tonnes, an increase of 27.7 per cent as of March 2014.
The performance was mostly driven by sugar sales, which stood at $259.1mn, up 10.7 per cent from March 2014. The export volume increased even further – up by 20 per cent to 758.362 tonnes.
The Arab Chamber’s CEO, Dr Michel Alaby says, “The significant growth in exports from Brazil to the Arab nations is a sign of thriving business relations between the two regions. We are upbeat that 2015 will sustain this robust business climate with trade values reaching greater heights.”
The UAE registered a surge of 80.3 per cent in imports of products from Brazil, reaching $245.1mn in March 2015.
It was followed by Saudi Arabia, which imported $215mn worth of products, while Egypt recorded $133.3mn.
The products imported by Brazil from Arab countries primarily amounted to $401.7mn in March 2015 and included mineral fuels valued at $280.4mn and fertilisers valued at $58.5mn.
Algeria, Iraq, Saudi Arabia, UAE, Qatar and Morocco topped the list of Arab exporters to Brazil.