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Brazil-Arab trade hits $10.61bn in 2023

Trade between Brazil and Arab world increased eight per cent in first seven months of the the year so far

The Arab Brazilian Chamber of Commerce (ABCC) recorded a surge of eight per cent in Brazilian exports to the Arab world during the first seven months of 2023, totalling to $10.61bn, compared to $9.825bn in the same period in 2022.

Brazilian exports to the Kingdom of Saudi Arabia (KSA) totalled to $1.873 billion in the first seven months of 2023, while exports to exports to the UAE amounted to $1.646bn.

Exports to Qatar stood at $155.91m during the same period.

Arab-Brazilian trade in 2023

Kuwait also witnessed an increase in the exports, which amounted to $157.78m during the first seven months of 2023, while the exports to Egypt totalled $1.163bn in the same period.

ABCC reports stated that poultry and bovine animal meat, ores, slag, sugars, cereals, oil seeds and soya beans, natural or cultured pearls, precious metals, jewellery, coffee, tea and spices were the top exported products to the Arab nations.

“These positive figures indicate the strong and expanding trade relations between both sides.

“Through our various strategic initiatives and dedicated efforts, the chamber has significantly contributed to increasing Brazilian exports to the Arab region.

“The consistent growth in Brazilian exports to the Arab countries further underscores the unwavering commitment of both regions to foster mutually beneficial economic ties.

“This thriving trade relationship reinforces the Arab world’s position as a pivotal partner in Brazil’s global trade network.”

He added: “We remain committed to fostering mutual understanding, expanding market access for Brazilian products as well as strengthening collaboration between these two dynamic and diverse regions.

“By facilitating trade, promoting investment opportunities and encouraging cultural exchanges, we strive to boost bilateral trade relations and economic cooperation between the Arab countries and Brazil.”

Imports to the South American country from the Arab countries further reached $6.114bn in the first seven months of 2023, as opposed to the figures recorded in the same period previous year.

According to ABCC reports, imports from Saudi Arabia stood at $1.986bn during the first seven months of this year, while imports from Qatar amounted to $408.5m during the same period.

Meanwhile, imports from Kuwait reached $188.18m, while Egypt accounted for imports worth $75.45m.

Imports from the UAE reached $722.07m between January and July 2023.

The top imported products from the Arab countries to the country were mineral fuels, fertilisers, aluminium, plastics, inorganic chemicals, precious metals, salt, sulphur, stones, organic chemicals, fish, cast iron, iron, and steel.

Source: Arabian Business