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Iron ore, which accounts for most of Brazil’s sales to the Arab nations, stood at $690.29 million in the first quarter, a fall of 12.5% year-on-year. On the other hand, strong demand for food products worked in favor of domestic exporters, who made a windfall.
Brazilian exports to the 22 nations in the League of Arab Nations rose in the first quarter in the midst of a spike in agricultural commodities prices and a drive to stock up on food, as per an assertion shipped off Reuters on Tuesday. Brazil’s complete products to the group came to $3.86 billion in the period, a practically 34% expansion from a similar time a year prior, the explanation from the Arab-Brazil Chamber of Commerce said. A lift in deals to the Arabs countries additionally mirrors Russia’s and Ukraine’s decreased participation in the worldwide grains and fertilizer exchange, the assertion noted, referring to two major suppliers of products like wheat and sunflower oil.
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Chicken meat sales rose by almost 11%, to $591 million, while sugar sales jumped almost 20% to $588.8 million in the first three months of the year.
Soy products sales soared 122.8% to $318 million, while wheat exports stood at $285.86 million, marking a 438.06% jump.
Brazil also boosted corn and frozen beef sales by 27.21% and 165.73%, respectively, to the Arab nations, according to the data.
The Brazil-Arab Chamber said nations outside the Arab world are keen to guarantee food supplies, a boon to Brazilian food exporters.
However, the Chamber expressed concern that a potential drop in fertilizer imports from Russia and Belarus, hit by Western sanctions, could negatively impact Brazil’s 2022/2023 grain crop.
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