Brazil-Arab ties soars to greater heights with Year-on-Year trade balance growth of 50.57 percent

Business

Brazil-Arab ties soars to greater heights with Year-on-Year trade balance growth of 50.57 percent

Trade relations concerning Arab countries and Brazil continue to dwindled to greater heights as seen in the recording of a Year-on-Year (YoY) growth of 50.57 per cent in trade balance from USD 3.1 billion from January to October 2018 to 4.68 billion during the same period of 2019, according to figures released by Arab-Brazilian Chamber of Commerce (ABCC).

The currently updated ABCC statistics made known that Brazils exports to Arab states reached 37,142.82 thousand tons worth USD 10.34 billion during the period, on the other hand imports to the South American nation from the Arab countries hit the USD 5.65 billion mark, representing 13,817.07 thousand tons of products. The Brazilian trade flow with the Arab region reached 50,959.89 thousand tons that accounted to USD 15.99 billion.

The most exported Brazilian goods were cane or beet sugar and chemically pure sucrose in solid form; meat and edible offal of both fresh and frozen poultry; iron ores and concentrates including maize; meat of bovine animals; artificial corundum, aluminum oxide and aluminum hydroxide; roasted iron pyrites; and motor cars and other motor vehicles principally designed for passenger transport.

On the other hand, the most imported items to Brazil from the Arab countries included mineral fuels, mineral oils, bituminous substances and mineral waxes; earth and stone; fertilizers; organic chemicals; plastic; salt and sulphur; plastering materials, lime and cement; and fish, crustaceans and mollusks, and other aquatic invertebrates.

Brazil and the Arab world have long maintained great trade relations and the latest export-import figures reflect their robust ties. Brazil has a lot to offer to the Arab world and vice versa, with both sides highly committed to building more productive and stronger trade cooperation in the years to come. Now their relations are poised for more growth, with their cooperation expanding into different fields such as science and technology and the environment apart from the economy and trade. By the end of 2019, we expect to see further improvements in the latest trade numbers, Rubens Hannun, President of the Arab-Brazilian Chamber of Commerce, said.

ABCC released the figures following the state visit of Brazilian President Jair Bolsonaro to the UAE. During his visit, Brazil and the UAE signed eight agreements and Memorandums of Understanding, paving the way for more UAE investments in Brazil, which currently stand at approximately USD 5 billion. The total Brazilian exports to the UAE reached USD 1,876.63 million, up 11.9 per cent from a year ago, while Brazilian chicken meat exports to the Emirates stood at USD 474.12 million, up 13.24 per cent from the previous year. Additionally, Brazil-UAEs trade flow reached USD 2.12 billion year-to-date through September 2019, up 28 per cent from a year ago.