The top destination in Africa of Brazilian agribusiness goods in the first half of the year, Egypt has dramatically stepped up its purchases of sugar and soybean from the Latin American giant. On the other hand, Egypt supplies a significant volume of fruits to Brazil.
Browsing: trade balance
Arab country was the third largest importer of beef from Brazil in the first half of the year, only behind China and the United States. Purchases stepped up both in volume and value.
The commodity’s prices have declined due to a lower demand from China. Brazil’s trade balance could be impacted, and Arabs could import more.
According to data released by the Ministry of Development, Industry, Commerce and Services, exports exceeded imports by USD 98.8 billion.
The negative balance in current transactions was of USD 1.55 billion, a drop from 2022.
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.
The Ministry of Development, Industry, Commerce and Services estimates the country will have a record positive trade balance in 2023, with USD 93 billion.
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.
Exports declined by 0.3% last month, but the surplus was up 5.5% as imports fell more.
The Ministry of Development, Industry, Trade and Services expects the 2023 Brazilian trade balance to post the highest surplus ever due to the declining prices of leading imports.
Taking stock of 2022, the year when the Arab Brazilian Chamber of Commerce turned 70, its president Osmar Chohfi highlighted the record-breaking trade between Brazil and the Arab market, the launch of a halal project, the Economic Forum Brazil & Arab Countries, and the expansion of electronic customs clearance system Easy Trade.
The Brazilian Foreign Trade Association projects a more significant decline in imports than exports from the country for next year.
The Brazilian trade balance had a positive result last month, reaching well above November 2021. Oil and grains boosted performance.
The country had a negative balance of USD 4.6 billion in current transactions in October, lower than USD 6 billion in the same month of 2021.
