Mubasher: Food products from Latin America and the Caribbean (LAC) represented 9% of the GCC’s total agricultural imports in 2016, according to the Dubai Chamber of Commerce and Industry's report on Tuesday.
The GCC’s food imports from LAC stood at $4.3 billion during the same period, the report showed.
Latin American nations are a key source of food products for GCC countries, said president and CEO of the Dubai Chamber of Commerce and Industry Hamad Buamim.
Latin America supplies around 30% of the region’s animal fodder imports and around a tenth of its cereals, fruit, nuts and sugar imports, according to the report entitled “Breaking Barriers: Agricultural Trade Between the GCC and Latin America.”
The supply of agricultural products to the GCC is currently dominated by Brazil and Argentina, the report revealed.
Brazil is the top exporter of meat products to the GCC, with a 98% share of the market in 2016.
Moreover, Argentina has been the primary supplier of cereals and animal fodder, whereas Ecuador and Chile dominated exports of fruit and nuts to the GCC in 2016.
The UAE and Saudi Arabia rank the top GCC trade destinations for LAC countries, as they both represented around 80% of the six main agricultural exports from the LAC region.
“There is plenty of scope to expand collaboration in this area as the GCC rolls out plans to improve its food security,” Hamad Buamim said.
