The Arab country’s Ministry of Economy and Industry authorized food, chemicals, textiles, and engineering companies to operate in the country in Q1 of this year.
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Last year, the Arab nation grossed USD 37.9 million from glass and glass product exports to Brazil. The Egyptians moved from being the 10th largest exporter to the Latin American country in 2023 to the fourth in 2024.
The country reached a record 5.9 million air-conditioning units manufactured, which propelled it to second place among the world’s largest manufacturers of the product, trailing only China.
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.
Exports to the Arab country increased in January compared to the same period last year, according to data from the Brazilian government.
The institution will launch a financing program to increase the sector’s participation in the economy of the Arab country.
Domestic production grew from January to November and is expected to reach 33.7 million tonnes by the end of 2024. Imports also increased over the period, but exports fell.
The Brazilian aircraft manufacturer reported USD 22.7 billion in orders in its Q3 2024 results. Deliveries saw a sharp increase from July to September, and both revenue and profit went up.
Saudi Arabia has opened its market to flower imports from Brazil, but sales to Arab countries must overcome distance and cost challenges, says director of Ibraflor.
The memorandum of understanding provides for the launch of joint projects in commercial aviation, urban air mobility, and the defense sector.
Talking at the B20 Summit in São Paulo, Abdulrahman Al-Fageeh also said it is possible to extract more chemical residues from plastic raw materials and expand recycling.
Brazilian economy grew 3.3% year on year in the second quarter and 1.4% compared to the first quarter. Services and industry sectors led growth in both comparisons.
Investments in the north of the country are made for the construction of a recycling plant and an industrial city, with factories, workforce houses, and logistics centers.
Industry group Fiergs estimates a slump in exports spurred by the impacts of the floods based on previous predictions for the year. Agriculture lobby Farsul indicates a negative impact on food production, and meatpacker lobby ABPA logged an 11% decline in poultry exports from the Rio Grande do Sul state in May but already points to a recovery.
