Egypt is the third biggest importer of Brazilian goods e during the first quarter (Q1) of 2021, with the export volume at $379.26 million, Arab-Brazilian Chamber of Commerce (ABCC) President Osmar Chohfi said on Wednesday.
Brazil’s exports to the Arab region soared 22.5 percent in volume during the first quarter (Q1) of 2021 to reach $2.91 billion, up 18.2 percent from a year earlier.
The uptick comes amid a steady recovery in global trade, according to figures released by 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 $379.26 million, and the UAE at $352.2 million.
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 percent and 132.67 percent, respectively.
Exports from the Arab world to Brazil, on the other hand, stood at $1.31 billion in Q1 of 2021, or 11.24 percent 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.”
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.
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.