By Contributing Reporter
RIO DE JANEIRO, BRAZIL – Brazil’s exports to the Arab region grew to US$3.15 billion during the first quarter of 2019, up from US$2.75 billion recorded during the same period last year, says a media report of news agency Wam.
The total exports to the Arab countries reached 11.5 million tonnes combined during the first three months of the year, a significant jump from 9.1 million tonnes recorded during the same months in 2018.
The breakdown of data showed that 3.3 million tonnes of imported Brazilian products worth US$240.37 million went to Oman.
Bahrain imported 2.3 million tons of commodities valued US$173.22 million from Brazil, while Egypt’s purchase of 1.63 million tons of products was valued US$412.04 million.
A total of 711.67 thousand tonnes of goods amounting to US$479.20 million and 650.23 thousand tonnes of products worth US$794.53 million went to Saudi Arabia and the UAE, respectively.
Rubens Hannun, president of the Arab-Brazilian Chamber of Commerce, said: “The increasing Brazilian export volume to the Arab world is a result of the strengthening trade relations between the region and the South American country.”
Brazil has a Resilient Economy
According to Hannun the result reflects Brazil’s global economic resilience amid challenges.
“We foresee stronger demand for Brazilian commodities in the Arab world in the coming quarters of the year as the region continues to implement economic programs to expand trade opportunities and experience steady socio-economic development,” he added.
Iron, maize (corn), sugar, chicken and bovine meat, and aircraft were among the Arab region’s top imports from Brazil, sustaining its growing demand both from the industrial sector and the consumer market.
The Arab world is Brazil’s second-largest food export market, after China.
While Bolsonaro had made no secret of his longstanding admiration for Israel, some Brazilian exporters feared he might not have given due weight to the economic implications of his proposal.
Brazil ran a US$419 million trade deficit with Tel Aviv in 2017; it ran a US$7.1 billion dollar surplus with the 22 nations of the Arab League that year, a figure that represents 10 percent of Brazil’s total trade surplus.