According to figures released by the Arab-Brazilian Chamber of Commerce, trade flow between the Arab countries and Brazil increased by 3.26%, from $25.11bn in 2011 to $26bn in 2012.
The notable rise in the flow of trade between the countries is attributed to the increase in imports by Brazil. The South American country imported $11.10 billion worth of goods from Arab countries in 2012, increasing its imports by 11% from $9.98bn in 2011. The Arab countries that witnessed the increase include Lebanon (491%), Qatar (214%), Kuwait (148%) and Bahrain (103%).
The top three goods imported by Brazil include fuels, which topped the list accounting for $9.11bn, followed by fertilizers ($1.32bn) and salt/sulfur ($180bn).
Brazilian exports to the Arab world totaled $14.83bn last year, declining by nearly 2% from $15.13bn in 2011. The fall has been deemed a result of political instability in some Arab countries. The Arab countries that witnessed a significant increase in exports include Oman (35.73%), Yemen (38.37%), UAE (13.26%) and Egypt (3.35%).
The top Brazilian exports to Arab countries were sugars ($4.24bn), meat ($3.93bn) and ores ($2.44bn).
Michel Alaby, General Secretary and CEO of Arab-Brazilian Chamber of Commerce, said,
“Brazil continues to nurture strong trade relations with the Arab world and this is evident in the sustained growth of trade volume between the two parties over the years. Moreover, Brazil and its Arab partners are continuously engaged in multilateral talks to further expand trade activities and explore mutually beneficial investment opportunities across diverse industries. The Arab Brazilian Chamber of Commerce, in particular, plays a key role in nurturing and consolidating these strategic partnerships, while helping generate new opportunities for Arab and Brazilian enterprises. It was certainly another solid year overall in 2012 despite a few challenges along the way, and we intend to build on this important breakthrough to further boost economic, cultural and tourism activities between Brazil and the Arab world.”