Mubasher: The Arab-Brazil Chamber of Commerce (ABCC) on Wednesday revealed that Brazil’s export market share to the Arab region gained momentum in the first six months of 2017.
The country’s export market share increased to 15.4% in H1-17, compared to the total export market share recorded in 2016, the ABCC said in its newest report.
“Brazilian average daily exports to the Arab region continue to soar, reporting a robust performance during the first half of 2017,” the report showed, noting that the main exports involved sugar, iron ore, beef, sports hunting equipment, car engines and chassis, automobiles, soybeans, poultry, coffee beans, precious and semi-precious stones, and cast-iron pipes.
The largest importers from Brazil in H1-17 were Saudi Arabia, the UAE, Algeria, Egypt, Oman, and Bahrain.
On the other hand, Brazil’s imports from Arab countries rose 27% year-on-year to $3.4 billion between January and June from $2.7 billion.
The main imports included crude oil, urea, potassium chloride, fertilisers, plastic polymers, insecticides, semi-finished iron/steel products, aircraft parts, aluminum alloys, and non-fabrics, the ABCC revealed.
Commenting on the overall trade between Brazil and Arab countries in H1-17, ABCC CEO and secretary general Dr. Michel Alaby stated that the “outstanding performance” in terms of Brazilian exports to the Arab world was mainly due to strengthening trade relations between these two regions.
This strong relationship “will continue to reap the fruits of this ongoing process over many years,” he added.
“We foresee demand for Brazilian commodities in the Arab world [will] increase even further towards the second half of the year as the region remains unfazed by socioeconomic challenges, with economic programmes on track to expand trade opportunities,” Alaby concluded.
