Mideast imports from Brazil top $6.5bn in H1
Dubai, August 29, 2013
The Middle East imported goods and foodstuff worth more than $6.56 billion during the first half of 2013, according to figures released by the Brazilian Ministry of Development, Industry and Foreign Trade.
Saudi Arabia, the UAE, Egypt, Oman and Algeria were the leading destinations, with meat (beef and chicken), sugars, iron ores, slag and ash, cereals and miscellaneous grains, seeds and fruits emerging as the top traded commodities.
There was a huge surge of 117.68 per cent in the volume of iron and steel products (mainly tubes), inorganic chemicals and rare earth materials from $19.71 million in 2012 to $42.9 million this year for the covered period, according to the latest figures.
The region exported $5.69 million worth of Arab commodities to Brazil during the first half, with the Saudi Arabia, Algeria, Morocco, Kuwait and Qatar as the main contributors.
The country’s top purchases from its Arab trade partners for the period included mineral, fuel oil and allied products; fertilizers; plastics; salt, sulfur, earth and stone; and fish and seafood. There was a huge increase in fish and seafood (222.24 per cent), machinery (194.93 per cent) and cotton, yarn and fabric (129.12 per cent) over last year, said Dr Michel Alaby, secretary general and CEO of the Arab Brazilian Chamber of Commerce.
“So far Brazil has maintained a healthy flow of exports and imports with its Arab partners. The latest trade report helps us identify and leverage promising areas and increase activities in certain segments,” said Dr Alaby.
“For its part, the Arab Brazilian Chamber of Commerce will continue to closely monitor market trends so that we can help spur more opportunities as the world continues to address economic and commercial challenges in some quarters.”
The Arab-Brazilian Chamber of Commerce has been established more than 60 years ago to consolidate and expand partnerships, generate opportunities and bring Arabs and Brazilians together. – TradeArabia News Service
More Finance & Capital Market Stories
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade