Wednesday, May 6, 2015

Arab-Brazil trade on the upswing

DUBAI, 5th May, 2015 (WAM)--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 US$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 US$ 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 US$ 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 US$ 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 US$ 63.2 million and a growth of 70.95 per cent. Saudi Arabia is the second major importer, buying US$ 215 million worth of products to record a growth of 26.5 per cent, followed by Egypt at US$ 133.3 million, and Algeria at US$ 97.6 million.

As far as imports are concerned, Brazil’s purchases from Arab countries amounted to US$ 401.7 million in March 2015. Year-to-date, it has purchased US$ 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 fertilisers at US$ 58.5 million. Algeria, Iraq, Saudi Arabia, the UAE, Qatar and Morocco are the top Arab exporters to Brazil. -end-

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