Egyptian exports to Brazil recorded a growth of 9.88% over the past year to hike from a value of $251m to $276m, according to statistics from the Arab-Brazilian Chamber of Commerce (ABCC) which described it as “an exceptional year for Egypt”.
In general, Brazilian imports from Arab countries grew by 2% in 2013, nearing $11.4bn. The imported products from the Arab region included mineral fuel, fertilisers, glass and glassware, fish and seafood, plastic and electric machinery, a Tuesday press release from ABCC showed.
“Arab countries have been key trade partners for Brazil for a long time, with flourishing bilateral trade continuing to expand over the years,” said General Secretary and CEO of the ABCC, Michel Alaby.
Alaby stressed that 2013 witnessed a “tremendous” increase in imports of fertilisers, plastics, and boats, apart from items that are traditionally imported from the region, such as oil and mineral fuel, according to the statement.
Saudi Arabia topped the list of Arab exporters to Brazil, with $3.19bn worth of products. It was followed by Algeria with $3.07bn, Morocco with $1.4bn, Kuwait with $1.02bn and Iraq with $691m.
UAE exports to Brazil doubled to reach $610m in 2013, up from $309m the preceding year. Qatar’s exports also reached $581m, topping Egypt.
The growth shows the huge potential for strengthening relations through the opening up of new trade routes in the region, Alaby said, highlighting the role of ABCC in facilitating trade ties and unlocking further opportunities for boosting business activities.
Former President Mohamed Morsi visited Brazil in May in which he called upon investors to tap into Egypt’s market. Following the visit, the media reported that Camargo Correa Group, one of Brazil’s largest private conglomerates, had in May pumped more than EGP1.9bn into Egypt to foster employment and boost investor confidence in the country’s economy, the reports said.
Ricardo Barbosa, business director of InterCement Brasil, the cement division of the conglomerate group, said at that time in a statement that Egypt has been selected from four countries in the Middle East – Turkey, Tunisia and Morocco – as the “best country” to invest in.