Brazil’s Q1 exports to Arab world soar to $2.91bn amid global trade recovery

Published 27 Apr,2021 via Daily News Egypt - Brazil’s exports to the Arab region soared 22.5% in volume during the first quarter (Q1) of 2021 to reach $2.91bn, up 18.2% from a year ago.

The uptick comes amid a steady recovery in global trade, according to divs released by the Arab-Brazilian Chamber of Commerce (ABCC).

Saudi Arabia was the biggest importer of Brazilian goods during the period, with the export volume going to the Kingdom amounting to $526.16m. Bahrain came in second at $406.36m, followed by Egypt at $379.26m, and the UAE at $352.2m.

Iron ore, and food products such as sugar, poultry, beef, and cereals, topped Brazil’s foreign sales to the Arab world in Q1 of 2021. Sales of soy and maize posted record-high increases at 147.98% and 132.67%, respectively.

Exports from the Arab world to Brazil, on the other hand, stood at $1.31bn in Q1 of 2021, or 11.24% higher from a year ago.

ABCC President Osmar Chohfi said, “Due to the gradual reopening of borders and continuous vaccine rollout, Brazil’s trade balance with Arab countries started growing immediately during the first three months of 2021.”

“Brazil and Arab countries were able to quickly renew the growth momentum and reinforce their trade relations despite the pandemic,” he added, “This rebound is expected to remain in 2021, especially now that we are seeing a rise in consumer demand”.

Chohfi noted that sustained high regional demand for Brazilian food products is expected over the next months as a result of the increased tourism activities, among other factors. The strong growth performance of Brazil’s exports reflects the Arab countries’ resilience and ability to recover and expand despite the challenging global market conditions.

The ABCC will act in order to help facilitate trade activities and find new opportunities in the context of Arab-Brazilian economic relations, he said, noting that Brazil is and will always be a trusted partner for the Arab world, in this respect.

For over 68 years, the ABCC has been working to connect the Brazilian and Arab peoples to promote economic, social, and cultural development. It plays a pivotal role in developing the relationship between them over the years.

Additionally, it helps facilitate growth and diversification of the Arab-Brazilian trade, by building relationships with public and private players and working towards making the Arab world Brazil’s third-largest business and investment partner.

© 2021 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info)

DISCLAIMER: This content is provided to us “as is” and unedited by an external third party provider. We cannot attest to or guarantee the accuracy of information provided in this article from the external third party provider. We do not endorse any views or opinions included in this article.