To circumvent the rising prices of olive oil, Brazilians are buying it in smaller volumes, according to Rita Bassi from the Oliva association. The outlook is for a decrease in prices, however, due to the good olive harvest beginning in producing countries.
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At a forum in Cairo, the head of the Arab-Brazilian Chamber of Commerce Office in Egypt, Micheal Gamal Kaddes, presented the results of the free trade agreement between the Arab country and Mercosur. Egyptian sales increased in revenue, and the range of products diversified.
According to a report by IATA, demand in the region witnessed a 14.7% year-on-year increase in July fueled by maritime tensions.
North African country opened market to Brazilian poultry last October and imported 10,000 tonnes year to date through October.
These were some of the leading exports of the country in February, a month that posted lower imports of grain, vegetable oils and sugar compared to a year earlier. Surplus was posted at USD 281.3 million.
Sales from Brazil set a new record high in 2023, and trade with Middle East and North Africa states expanded. Egypt and the UAE are some of the leading partners of Brazil.
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Exports surpassed imports by USD 8.67 billion in 2023. Last year saw shipments to Arab countries increase by 9.2% and imports decrease by 28.9%. The main Brazilian export was sugar, and the leading Arab import was oil.
According to data released by the Ministry of Development, Industry, Commerce and Services, exports exceeded imports by USD 98.8 billion.
This year, shipments abroad are expected to record a 6.8% expansion over 2022, according to ABPA data through November. Iraq became Brazil’s 10th main importer this year. The UAE was the 2nd leading buyer, and Saudi Arabia the 4th.
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.
Data from government statistics agency IBGE showed that from July to September services and industry grew by 0.6% each, while the agricultural sector contracted by 3.3% from the second quarter.
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.
