Brazil’s GDP grew over the previous quarter in the first three months of this year, driven by increased soybean production.
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The country has invested in planting the crop conjoined with soybean. With estimates for a record harvest, specialists believe Brazilian producers will keep the buyers won over the last two years.
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.
Foreign sales of agriculture and livestock grew by 25% in June, driven by the rise in international prices. Revenue from soy and animal protein shipments rose.
According to information released by the Arab Brazilian Chamber, Brazilian sales to the Arab countries stepped up in the first quarter. Vaccination has boosted the markets in the region.
A survey conducted by the Arab Brazilian Chamber of Commerce’s Market Intelligence Department shows that that price hike is partly prompted by an expected increase in the commodity’s prices in years to come. The Arab countries that could potentially buy more product include Bahrain, Iraq, Jordan, Lebanon, Palestine, and Sudan.
Agribusiness products were the top exports from Brazil to the bloc, which reached USD 11.47 billion, down 6.3%. Decline was lower than in other Brazil’s foreign partnerships, though.
The seaport in Itaqui, Maranhão is adding capacity for incoming fertilizer shipments and power outlets for refrigerated shipping containers. This will enable increased throughput in trade with Arab countries. The Port will be an exhibitor at the Economic Forum Brazil & Arab Countries.
Brazilian exports were down by 9.6% in August, while agribusiness sales climbed by 9%.
The National Association of Cereal Exporters expects shipments to increase year-to-date through August from a year ago.
Foreign sales of agriculture and livestock products from Brazil fetched USD 10 billion last month, fueled by sales of soy to China.
Despite the global crisis caused by the COVID-19 pandemic, the sector stepped up imports on April. Brazil’s demand for fertilizers is expected to grow by 1.5% to 3% in 2020.
Sales to China are still going strong, driven by more affordable Brazilian product. Mato Grosso state industry association Aprosoja has revised down its output estimate.
IPEA revised up its 2020 growth forecast for the sector based on good prospects of soy and coffee output.
