Brazil Posts Robust Trade with Arab Region as Imports Grow 27 Percent & Export Share Rises to 15.4 Percent During First Half of 2017

Business

Brazil Posts Robust Trade with Arab Region as Imports Grow 27 Percent & Export Share Rises to 15.4 Percent During First Half of 2017

The Arab-Brazil Chamber of Commerce (ABCC) Brazil has introduced that Brazilian average everyday exports to the Arab region continue to rise, reporting a robust performance during the initial fifty percent of 2017. Brazil's complete export market share in the Arab region rose to 15.4 percent throughout the first fifty percent of 2017, in contrast with the total export market share videotaped in 2016. Main exports consisted of sugar, iron ore, beef, sports hunting devices, car engines and framework, autos, soybeans, fowl, coffee beans, precious and semi-precious stones, and cast-iron pipes. Saudi Arabia, the UAE, Algeria, Egypt, Oman and Bahrain were the largest importers of these goods.

Dr. Michel Alaby, Assistant General and Chief Executive Officer, ABCC, said: "The outstanding performance of Brazilian exports to the Arab region is an outcome of the strengthening trade relationships in between these two areas which will certainly continuously reap the fruits of this ongoing procedure over years. We foresee need for Brazilian assets in the Arab World to raise also more to the second fifty percent of the year as the region remains unfazed by socioeconomic difficulties, with economic programs on course to broaden trade opportunities."

Brazil's imports from Arab countries also exposed a development of 27 per cent throughout the duration with petroleum, urea, potassium chloride, plant foods, plastic polymers, insecticides, semi-finished iron/steel products, airplane components, aluminum alloys, and non-fabrics as major chauffeurs. Imports increased from USD 2.7 billion worth of items, to USD 3.4 billion for the South American country in 2017.

"In general, Brazil showed global financial strength amidst difficulties as complete exports to the Arab region got to USD 6 billion during the very first half of the year, with soybeans, iron, oil, sugar and automobiles as leading products. These commodities remain to be among the Arab region's leading imports from Brazil, maintaining the region's expanding demand both from the commercial field and the customer market. We preserve our efforts to promote development chances in between these areas and enhance trade connections by ensuring channels of business communications are properly in position," Alaby concluded.