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Brazilian exports to Arab countries surge 14% in Q1-23

Brazilian exports to Arab countries surge 14% in Q1-23
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Mubasher: The Brazilian exports to the Arab World jumped by 14.01% year-on-year (YoY) to $4.42 billion in the first quarter (Q3) of 2023, compared to $3.87 billion.

The imports also increased by 1.70% to $2.76 billion in Q1-23 from $2.71 billion in Q1-22, according to the Arab-Brazilian Chamber of Commerce (ABCC).

In the first three months (3M) of 2023, Brazil exported goods to the UAE and Saudi Arabia amounting to $714.07 million and $750.2 million, respectively.

Brazilian exports to Egypt reached $554.66 million during the three-month period that ended on 31 March 2023. Kuwait and Qatar also witnessed a hike in exports to $57.08 million and $52.44 million, respectively.

The ABCC highlighted that the top exported products from Brazil to the Arab world were meat, ores, slag, sugars, tea, cereals, precious metals, and more.

Meanwhile, the imported goods from Arab nations included mineral fuels, aluminum, plastics, inorganic chemicals, organic chemicals, fish, cast iron, iron, and steel.

In January-March 2023, Brazil imported products from Saudi Arabia worth $691.84 million, while the imports from the UAE and Qatar hit $356.99 million and $179.24 million, respectively.

Brazil received goods from Egypt and Kuwait in Q1-23 valued at $97.08 million and $88.39 million, respectively. 

Osmar Chohfi, President of ABCC, said: “Compared to Q1-22, the export and import volumes in Q1-23 have increased significantly. These positive trade figures demonstrate the expanding trade relations between Brazil and the Arab world.”

“We are continually working to strengthen and advance the bilateral trade between Brazil and the Arab region by promoting commerce and exploring more avenues of economic cooperation, as well as trade and partnership prospects between both sides,” Chohfi added.

The president concluded: “The figures are anticipated to soar in the upcoming months as the robust relations between the two sides are opening up new opportunities for Arab products in the Brazilian markets. Brazil has consistently been and will remain a reliable partner for the Arab world.”