Trade exchange between Saudi Arabia and South American nations amounted to SAR37.5 billion in 2014, down from SAR42.4bn in 2013.
The Kingdom’s exports to these countries totalled SAR14.7bn while its imports reached SAR22.8bn, according to data compiled by Al Eqtisadiah.
The bulk of Saudi Arabia’s exports to Latin American nations was crude oil at a value of SAR9.1bn and benzene at SAR1.2bn, in addition to petrochemical products, metals and powdered milk.
Brazil was Saudi Arabia’s top trading partner accounting for roughly SAR11.2bn or 49 per cent of the Kingdom’s imports from South America, the data shows.
It’s noteworthy that Brazil was the 13th largest exporter to Saudi Arabia in 2014. Most of the Arab nation’s imports from Brazil included frozen poultry at a value of SAR4.7bn or 42 per cent of total imports in addition to steel with a value of SAR1.2bn.
Other imports from Brazil included milk, maize, soybean, sugar, orange juice, wood, agricultural tractors and engines.
In the meantime, the two-way trade exchange between Arab countries and South American nations jumped to $35bn in 2014. Over the past decade, Arab exports to South America have been expanding by an average of 17 per cent annually.
(SAR1 = AED0.98, at the time of publishing)