Oil is on track to become Brazil’s main export product in 2024. This will be the first time in history, according to data from the historical series that began in 1997.
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The International Monetary Fund’s projection takes into account the resilience of the country’s maritime shipping sector, despite regional conflicts. The Port of Djibouti is the main driver of the local economy.
Exports of beef from Brazil increased by 9% in November, a lower percentage compared to previous months. The United Arab Emirates more than doubled its purchases.
The Central Bank of Libya has taken a series of measures in the foreign exchange market that are benefiting the economy, according to an analysis by the IMF. Disruptions in oil production led the institution to lower the country’s GDP growth forecast for 2024, but the estimate for 2025 has improved.
President Lula said during the Mercosur Summit in Montevideo that negotiations with the Arab country are progressing rapidly and are expected to be concluded by next year.
Oman’s Youth Center signed an agreement with Sohar Free Zone and Sohar Port to support the development of local young talents.
The Libyan market imported 1.6 million tonnes of iron ore from Brazil from January to October, a 60% increase compared to the same period last year. It is the largest volume in the current decade.
Brazil’s President Luiz Inácio Lula da Silva met with the CEO of the Abu Dhabi Investment Group, Zayed Bin Aweidha, on Wednesday (27) in Brasília. The meeting primarily focused on discussions about investments.
After challenges in recent olive harvests in major producing countries, expectations for a better harvest this season are opening up prospects for a larger global availability of olive oil. Tunisia is one of the countries expected to increase its production volumes. The country’s embassy in Brazil is taking steps to boost exports to the Latin American giant.
Sugar and mate round off the list of leading products sold by Brazil to the Arab country. Year-to-date exports surpassed the 2023 results by nearly 400%.
The president of the North African country, Mohamed Ould Cheikh El-Ghazouani, has announced a project funded by the Islamic Development Bank. This initiative aims to clean up the waterway and support vulnerable groups in agriculture.
The Brazilian state-run oil firm has approved a business plan for 2025-2029, with projected investments of USD 77 billion in exploration and production, USD 20 billion in refining, transportation, and marketing, and USD 11 billion in gas and low-carbon energy.
After meetings to review the financing program for Egypt, the International Monetary Fund issued a statement on the country’s economy. There has been progress with the implemented reforms, reflecting on the balance of exchange rates and inflation, but the regional environment, with the conflict in Gaza and attacks in the Red Sea, impacts the economic landscape.
The United Arab Emirates is in talks for a free trade agreement with the South American customs union. Minister Ahmed Al Sayegh discussed the topic at a press conference during the G20 Summit in Rio de Janeiro.
