Year-on-year performance climbs 12.5 per cent
Brazil’s trade balance with Arab countries recorded an increase of 12.5 per cent in January and February 2021 compared to its performance from the same months a year ago, posting a total value of USD 2.56 billion. The latest figures were released by the Arab-Brazilian Chamber of Commerce (ABCC), which highlighted that the surplus results maintained a positive performance.
In the first two months this year, the Brazilian exports to Arab countries reached USD 1.78 billion, up by 12.69 per cent from 2020.
Rubens Hannun, President, Arab Brazilian Chamber of Commerce, remarked: “Brazil’s trade performance in the first two months this year showed the strength of trade relations between Brazil and the Arab region. It further reflects an upward trend amid intensified efforts toward economic recovery from the impact of the COVID-19 pandemic, as vaccination and strong precautionary measures continue to advance in these markets.”
“The ongoing revitalization provides a new drive for Brazil and the Arab nations to continue the diversification of trade products to benefit the supply chain inputs and intermediate goods as well as the higher value-added finished products. We are confident that the trade exchange between these markets will continue to deliver greater results with the support of ABCC in engaging Brazil and Arab countries to explore other areas that will further expand the existing trade alliance,” Hannun concluded.
The Arab region remains the third largest destination of goods and products for the South American country, next to China and the United States. During the period, Brazilian exports to Saudi Arabia are valued at USD 296.87 million; Egypt, USD 288.69 million; and the UAE at USD 204.81 million. The topmost exported products in the Arab countries include iron ores and concentrates, including roasted iron pyrites; fresh, chilled, or frozen poultry; cane or beet sugar and chemically pure sucrose; corn; and beef products. The value of imported goods from Arab countries to Brazil has reached USD 777.69 million during the same period while leading goods imported from the region include fertilizers, mineral fuels, mineral oils, plastics, and aluminum. The Arab countries were the 6th main supplier for Brazilian imports.