The Brazilian mining company plans to sell four million tonnes of iron ore agglomerates yearly to the Saudi Arabian Green Steel Arabia project.
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Sold for higher prices, agricultural commodities accounted for 71% of the trade with the Arab countries in 2022. Sugar, poultry and iron ore were the leading items sold to the bloc.
Trade between Arabs and Brazilians in 2021 reached USD 24.25 billion. The UAE took over as the leading destination for Brazilian products.
Sales of products from Brazil to the Middle East and North Africa were up year to date through October, with a focus on iron ore, soy and poultry.
Solid bulk cargo accounted for 58% of the weight handled by Brazilian ports in the first half of the year, especially ore and oil. The Port of Vitória saw the highest hike.
In the first half of 2021, the Gulf country boosted its iron ore purchases. According to an analyst, the action was driven by the vaccination progress and the upturn of the local industry.
A Brazilian Central Bank study concluded that basic items such as soya and ore were the pillars of foreign sales from the country in 2020.
The commodity’s prices started increasing in 2020 and are expected to stay high this year. Increased demand from China and Vale’s reduced output are some of the reasons.
Exports from Brazil came out to USD 1.1 billion, the highest monthly result to date this year. Sales increased month-on-month for sugar, iron ore, beef and poultry.
The items the Gulf country purchases from abroad the most are iron ore, aluminum oxide and four-wheel drive automobiles.
Brazilian mining company produced 2.41 million tonnes of pellets in the Arab country in Q3, down from the previous quarter.
Foreign sales of basic goods rose 2.7% in September, while sales of other items dropped 7%, according to Fundação Getulio Vargas (FGV).
The AEB estimates that foreign sales will reach USD 224.445 billion in 2018, up 3.1% from 2017. The original projection was for a 1.1% increase.
The Brazilian mining company’s iron ore pellet plant in the Arab country saw output go up year-on-year in Q2.
