Saudi Arabia was named the top Arab buyer of Brazilian agribusiness products, with its transactions reaching $426.5 million to surpass January and February 2016 figures by almost 30 per cent
The value of Brazil’s agribusiness exports to the Middle East region reached $1.336 billion during the first two months of 2017, up 22.8 per cent over the same period last year, according to data released by the South American nation’s Ministry of Agriculture, Livestock and Supply (Mapa).
The share held by the region in total foreign sales by the sector climbed to 11.3 per cent in January and February of this year from 9.3 per cent in the first two months of the previous year, further added the report.
Thus making the Middle East as Brazil’s third largest agribusiness importer for the period behind Asia and the European Union, said a statement from Arab-Brazilian Chamber of Commerce (ABCC).
Dr Michael Alaby, CEO, ABCC, said: “The Middle East’s increasing demand for agribusiness products thanks in part to its growing population and steady economic rise continues to drive the robust trade ties between Brazil and the region.”
“In the coming years, we will see stronger coordination and cooperation built upon mutual confidence, trust, and common interests in line with our commitment to increase trade and investment flows between the country and their key Arab partners,” he said.
“Mainly, what we do is provide an effective platform for the fastest and safest way for both Brazilian and Arab companies to meet and make their respective business expansion plans a reality. We would like to believe that the new Mapa data concerning Brazil’s flourishing agribusiness exports to the region is a positive nod to our relentless efforts,” he added.
Saudi Arabia was named the top Arab buyer of Brazilian agribusiness products, with its transactions reaching $426.5 million to surpass January and February 2016 figures by almost 30 per cent, while Algeria’s purchases reached $223 million or an increase of 42 per cent. In February 2017, the value of agribusiness exports stood at $648 million, growing at 3.4 per cent in comparison to the same month of last year, said a statement.
Brazil’s Mapa attributed the strong performance to the increasing shipments of soy, poultry, beef and raw sugar to the Middle East, it said.
Overall, total Brazilian agribusiness exports in February generated $5.93 billion, while foreign sales in the first two months of 2017 totalled $11.8 billion, representing a 0.9 per cent growth over the same period last year.
The soy complex (grains, bran and oil) was the high performing group of products in January and February 2017. Additionally, it recorded a strong surge in shipments at 65 per cent in February and 61 per cent in the first two months of the current year, it stated.