Arab nations have imported $5.24 billion worth of products from Brazil during the first half of 2016, , according to a report.

Saudi Arabia accounted for the lion's share of the trade (23.71 per cent) importing $1.24 billion worth of goods from the South American nation, said the statistical report released by Brazil’s Ministry of Development, Industry and Foreign Trade.
 
The UAE came second in the import list at 17.36 per cent followed by Egypt (16.65 per cent), Qatar (2.33 per cent) and Kuwait (2.08 per cent), it stated.

The positive numbers reflect the strides that companies across various sectors are making towards strengthening communications between the two countries, said the report.

Among the exports, meat registered the major share for Brazilian companies during the period at 34.88 per cent, accounting for $1.82 billion of exports to the Arab World, said the statement.

Sugar came second in the list at 26.62 per cent followed by cereals (6.52 per cent); ores, slag and ash (4.63 per cent) with $242.73 million, inorganic chemicals and rare earth metals (6.61 per cent) and miscellaneous grain seeds and fruits (3.03 per cent), it said.

Of all goods, cereals marked the most growth over 2015, up 113.94 per cent followed by sugar which registered a growth of 10.09 per cent, said a top official.

“We are very optimistic about the state of trade between Brazil and the Arab World,” remarked Dr Michel Alaby, secretary general and CEO of  Arab Brazilian Chamber of Commerce.

“We believe these numbers reflect the strong relations both economies have with each other and we hope it will serve as further encouragement for businesses to explore the infinite potentials that the business environment has to offer,” he added.-TradeArabia News Service