Arab country was the third largest importer of beef from Brazil in the first half of the year, only behind China and the United States. Purchases stepped up both in volume and value.
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The commodity’s prices have declined due to a lower demand from China. Brazil’s trade balance could be impacted, and Arabs could import more.
According to data released by the Ministry of Development, Industry, Commerce and Services, exports exceeded imports by USD 98.8 billion.
Data released by the National Institute of Statistics revealed a 5.28 billion deficit year to date through November. The result represents a drop compared to the last year’s numbers.
The Ministry of Development, Industry, Commerce and Services estimates the country will have a record positive trade balance in 2023, with USD 93 billion.
Brazil is importing less from the North Africa and Middle East states compared to the period from January to July 2022. Major declines include petroleum and petroleum gas and fertilizers.
Ministry forecasts a trade surplus of USD 84.7 billion this year as imports will fall more than exports. Prices of goods Brazil imports like fertilizers, fuels and wheat are declining.
Exports declined by 0.3% last month, but the surplus was up 5.5% as imports fell more.
The Ministry of Development, Industry, Trade and Services expects the 2023 Brazilian trade balance to post the highest surplus ever due to the declining prices of leading imports.
The Brazilian trade balance had a positive result last month, reaching well above November 2021. Oil and grains boosted performance.
Sales of Brazilian products to Arab countries climbed in the first eight months of the year. Revenue from goods such as poultry, sugar, soybeans and maize were up.
Brazil’s trade surplus of USD 4.9 billion was the lowest for the month of May since 2019.
Value of exports from the Arab countries to the Brazilian market stepped up 134% in January, driven by the mineral fuel prices.
Brazilian foreign sales totaled USD 19.6 billion, surpassing the previous record for the month, set in 2018. Soybean shipments drove the surge.
