This year, shipments abroad are expected to record a 6.8% expansion over 2022, according to ABPA data through November. Iraq became Brazil’s 10th main importer this year. The UAE was the 2nd leading buyer, and Saudi Arabia the 4th.
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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.
Data from government statistics agency IBGE showed that from July to September services and industry grew by 0.6% each, while the agricultural sector contracted by 3.3% from the second quarter.
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.
Ministry forecasts a trade surplus of USD 84.7 billion this year as imports will fall more than exports. Prices of goods Brazil imports like fertilizers, fuels and wheat are declining.
The Brazilian market imports 7% of the food and beverage it consumes. Arab countries participate as suppliers of sardines, olives, oranges, and other items.
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.
The traffic of ports managed by Morocco’s National Ports Agency (ANP) dropped by 4.2% in 2022 compared to the previous year.
The Egyptian government facilitated clearance to avoid the accumulation of goods in ports and reduce the cost of products for the population.
Inflated prices of products such as fertilizers and oil increased Brazilian imports in July, diminishing the positive trade balance.
In addition to the increase in exports and imports, Brazil is expected to see a record-high surplus in foreign trade. According to the Brazilian Foreign Trade Association, which made the forecast, the results will primarly come from the rise in commodity prices.
In January, Brazil’s revenue from exports to the Arabs climbed 74% from a year ago.
Professor and researcher Marcos Jank expects Arab nations to overtake the European Union in imports of farm and livestock products from Brazil soon. He discussed the topic in a TV show on channel Terra Viva.
Year-to-date through November, imports grew by 5.3% from a year ago, to USD 5.058 million.
