Brazilian exports to Arab World climb 14.01% to USD 4.420 billion in Q1 2023
The Arab-Brazilian Chamber of Commerce (ABCC) reported a surge of 14.01 per cent in the Brazilian exports to the Arab World in the first quarter of 2023, totalling USD 4.420 billion as compared to USD 3.877 billion during the same period last year. The imports also jumped 1.7 per cent to USD 2.764 billion in the first quarter of this year, as opposed to USD 2.718 billion during the same period in 2022.
The volume of exports and imports of goods and services between Brazil and the Arab world grew significantly in the first quarter of 2023, demonstrating the expanding robust trade relations between the countries.
Brazilian exports to the UAE amounted to USD 714.07 million in the first quarter of 2023, while exports to the Kingdom of Saudi Arabia (KSA) stood at USD 750.2 million. Similarly, Brazilian exports to Egypt increased to USD 554.66 million in Q1 2023, as opposed to the figures recorded during the same period in 2022. Kuwait also experienced an increase in Brazilian exports, amounting to USD 57.08 million in the first quarter this year, while exports to Qatar reached USD 52.44 million.
The ABCC further stated that products such as meat, ores, slag, sugars, cereals, oil seeds and oleaginous fruits, natural or cultured pearls, precious metals, jewellery, coffee, tea, mate, and spices, were the top exported products from Brazil to the Arab world.
Osmar Chohfi, President of ABCC commented: “Compared to Q1 2022, the export and import volumes in the first quarter of 2023 have increased significantly. These positive trade figures demonstrate the expanding trade relations between Brazil and the Arab world. We are continually working to strengthen and advance the bilateral trade between Brazil and the Arab region by promoting commerce and exploring more avenues of economic cooperation, as well as trade and partnership prospects between both sides. The figures are anticipated to soar in the upcoming months as the robust relations between the two sides are opening up new opportunities for Arab products in the Brazilian markets. Brazil has consistently been and will remain a reliable partner for the Arab world.”
Furthermore, Brazilian imports from Arab countries have also experienced substantial growth in the first quarter of 2023. According to the ABCC reports, the top imported products to Brazil from the Arab nations were mineral fuels, fertilizers, aluminum, plastics, inorganic chemicals, precious metals, salt, sulfur, stones, organic chemicals, fish, cast iron, iron, and steel. The imports from the KSA stood at USD 691.84 million, while the imports from the UAE amounted to USD 356.99 million during Q1 2023. Meanwhile, imports from the State of Qatar stood at USD 179.24 million in the first quarter of this year. Imports from Egypt also witnessed a surge, amounting to USD 97.08 million, while imports from Kuwait increased to USD 88.39 million during Q1 2023.