World Bank projects a 2.1% contraction in output across the Middle East, North Africa, Afghanistan and Pakistan (MENAAP). The institution says the impact is greater on oil-exporting Gulf countries affected by the closure of the Strait of Hormuz.
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In an interview with ANBA, Egyptian scholar Sara El-Gazzar discussed the emerging reality of international freight transport, in which adaptability is becoming as important as cost and transit time.
During a presentation by SCA Brasil Aliança, experts discussed the challenges facing producers who depend on fertilizer. Brazil imports approximately 85% of the fertilizer it consumes.
The International Monetary Fund expects Saudi Arabia’s economy to expand despite the conflict in the Middle East, with oil export revenues supported by higher crude prices.
The United States and Iran said they had reached an agreement to halt hostilities and reopen the Strait of Hormuz. Markets reacted positively to the announcement.
Conflict led to a decline in Brazil’s chicken meat shipments to the Middle East in March compared to February. Despite this, more than 45,000 tonnes were sent to countries directly impacted by the closure of the Strait of Hormuz, according to Ricardo Santin.
Measures announced by the government aim to curb rising energy costs, which have increased from USD 560 million to USD 1.65 billion since the start of the Middle East conflict.
Brazil imports 85% of the input used to fertilize crops and could face shortages, a researcher said at an event at the Arab-Brazilian Chamber.
Company confirmed in a press release the decision to avoid trafficking in the region, which is a sea route for transporting oil and is at the Gulf’s entrance.
