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Arab-Brazil trade hits $5.24bn this year

July 26 2016

Arab nations have imported $5.24 billion worth of products from Brazil since the start of 2016.

According to the report released by Brazil’s Ministry of Development, Industry and Foreign Trade (MDIC), the largest Arab-Brazil trade was from Saudi Arabia who have imported $1.24 billion (24 percent) worth of goods from the South American country.

The UAE came second in the import list at 17 percent followed by Egypt (17 percent), Qatar (2 percent) and Kuwait (2 percent), it stated.

Meat imports accounted for the highest share during the period at 35 percent followed by sugar cane (27 percent), cereals (6.5 percent), ores, slag and ash (4.6 percent), inorganic chemicals and rare earth metals (6.6 percent) and miscellaneous grain seeds and fruits (3 percent), it said.

The positive numbers reflect the strides that companies across various sectors are making towards strengthening communications between the two countries, said the report.

“We are very optimistic about the state of trade between Brazil and the Arab World,” remarked Dr Michel Alaby, secretary general and CEO of Arab Brazilian Chamber of Commerce.

“We believe these numbers reflect the strong relations both economies have with each other and we hope it will serve as further encouragement for businesses to explore the infinite potentials that the business environment has to offer,” he added.

Source Trade Arabia 

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