Trade flows between Brazil and the Arab countries reached nearly $26 billion in 2012, up 3.26 per cent compared to $25.11 billion in 2011, according to figures released by the Arab-Brazilian Chamber of Commerce.
Brazil imported $11.10 billion worth of goods from Arab nations in 2012, an increase of 11 per cent from $9.98 billion in 2011. Imports specifically rose 491 per cent from Lebanon, 214 per cent from Qatar, 148 per cent from Kuwait and 103 per cent from Bahrain.
Exports from Brazil however fell two per cent from $15.13 billion in 2011 to $14.83 billion last year, mainly because of political instability in some Arab countries, said the report.
Fuels topped the list of goods imported by the South American nation accounting for $9.11 billion, followed by fertilizers ($1.32 billion) and salt/sulfur ($180 million).
The top goods imported by the Arab region from Brazil were sugars ($4.24 billion), meat ($3.93 billion) and ores ($2.44 billion).
Michel Alaby, general secretary and CEO of Arab-Brazilian Chamber of Commerce, said: “Brazil continues to nurture strong trade relations with the Arab world and this is evident in the sustained growth of trade volume between the two parties over the years.
“Moreover, Brazil and its Arab partners are continuously engaged in multilateral talks to further expand trade activities and explore mutually beneficial investment opportunities across diverse industries,” he said.
The Arab region, specifically the UAE, has been developing strong bilateral relations with Brazil in recent years.
There are over 207 Brazilian trademarks currently registered in the UAE, and the Middle East Brazilian Trade and Investment Promotion Agency (Apex-Brasil) has established two offices in Dubai to support Brazilian businesses in the region.
Also read: UAE And Brazil Trade Soars