Overall, the Arab country imported fewer Brazilian goods in February, but there was growth in the acquisition of less traditional products.
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The emirate reported a gross domestic product of USD 326 billion last year, heavily driven by the non-oil sector. The manufacturing sector was the largest contributor, followed by construction.
Companies listed on the stock exchange of the Arab country reported net profits of USD 13.8 billion last year, compared to USD 12.7 billion in 2023.
Point-of-sale transactions in Saudi Arabia climbed last week, a growth led by jewelry purchases, which increased at 29.9%.
Growth was recorded in the first two months of the year compared to the same period in 2024.
The Emirati gas company announced the distribution of USD 3.41 billion in dividends for the 2024 fiscal year. According to the Chairman of the Board, it is the largest payment of its kind on the Abu Dhabi Stock Exchange.
Information from Ernst & Young indicates that the outlook is favorable for the banking sector in the Gulf Cooperation Council countries, which are benefiting from local economic diversification efforts.
Brazil’s Foreign Trade Chamber has approved an import tax exemption for nine types of food, as previously announced by the federal government, along with measures to facilitate the entry of palm oil into the country. The measure is set to take effect on Friday (14).
In a meeting with the cabinet, the president highlighted that the 2025 budget has been approved, and that the country should implement the suggestions made by the International Monetary Fund delegation.
A USD 60 million investment promises to offer efficiency in water supply and meet the demand of the population in the northern region of the country.
The Brazilian government announced an exemption from import taxes for a series of food items in a bid to curb inflation. They include olive oil and sardines exported by Arab countries.
The North African country was the 17th main supplier in February, according to a survey by Abicalçados.
Annual price inflation fell to 12.8% in February, down from 24% in January. Vegetable prices saw an 8.2% drop, while costs for water, electricity, and gas remained stable.
Brazil’s gross domestic product saw its largest growth since 2021. The expansion of industry, construction, and household consumption were some of the key drivers. As unemployment reached the lowest unemployment, Brazilians increased their spending.
