Revenues from Brazilian exports to Arab countries accelerated for the first time this year in March 2015, demonstrating thriving mutual trade relations.
The latest statistics released by Brazil’s Ministry of Development, Industry and Foreign Trade and compiled by the Arab-Brazilian Chamber of Commerce show that Brazil exported USD 1.036 billion worth of products to the MENA region in March 2015, an increase of 1.03 per cent from the same period of the previous year. Consequently, the total export volume touched 3.8 million tons, growing 27.7 per cent from March 2014.
Sugar was the top-selling product to the Arab nations, followed by poultry and iron. Sugar generated USD 259.1 million in revenue, a growth of 10.7 per cent, while its volume expanded by 20 per cent to reach 758,362 tons.
Poultry, on the other hand, earned USD 214.3 million with volume rising to 135,953 tons, up 3.1 per cent from March 2014. Lastly, iron ore exports to the MENA region registered USD 133.9 million.
Dr. Michel Alaby, Secretary General and CEO, Arab-Brazilian Chamber of Commerce, said: “The revenue and volume of trade in March 2015 demonstrate Brazil’s strengthening commercial relations with Arab countries. While top products exported by Brazil include sugar, poultry and iron ore, the 70.95 per cent growth in the export of raw gold is a sign that there is always room for trade in newer commodities. At the Arab-Brazilian Chamber of Commerce, we constantly strive to boost mutual ties between the Arab World and Brazil by facilitating meetings between Brazilian exporters and MENA traders to explore and widen business opportunities.”
The UAE was the leading buyer of Brazilian products from the Arab World in March 2015. It registered USD 245.1 million in revenues, a hike of 80.3 per cent for the same period last year. Raw gold tops the list of Brazilian product bought by the UAE, amounting to USD 63.2 million and a growth of 70.95 per cent. Saudi Arabia is the second major importer, buying USD 215 million worth of products to record a growth of 26.5 per cent, followed by Egypt at USD 133.3million, and Algeria at USD 97.6 million.
As far as imports are concerned, Brazil’s purchases from Arab countries amounted to USD 401.7 million in March 2015. Year-to-date, it has purchased USD 1.52 billion of goods from the MENA region. Among the South American country’s top imported items are mineral fuel at USD 280.4 million followed by fertilizers at USD 58.5 million. Algeria, Iraq, Saudi Arabia, the UAE, Qatar and Morocco are the top Arab exporters to Brazil.