Morocco Tops List of Arab Countries Exporting to Brazil
Morocco topped the list of Arab countries exporting to Brazil last January, as the Kingdom's exports to the South American country amounted to more than 100 million dollars
Morocco topped the list of Arab countries exporting to Brazil last January, as the Kingdom’s exports to the South American country amounted to more than 100 million dollars, according to the Arab Brazilian Chamber of Commerce (ABCC).
Moroccan exports to the largest economy in South America registered a 95.5% increase compared to the same month of 2020.
During January of this year, the value of the Kingdom’s exports witnessed a significant increase, amounting to 118.3% (137.9% for inorganic chemical products, and more than 44.2% for fish and crustaceans).
The value of Moroccan exports to Brazil during the past year amounted to 1.2 billion dollars, making Brazil the third customer of the Kingdom, preceded by France and Spain.
On the other hand, trade exchange between Brazil and Arab countries increased by 17.3% in January 2021 compared to the same month of the previous year, reaching 1.22 billion dollars. The trade balance recorded a surplus in favor of Brazil, amounting to 563.31 million dollars.
Arab countries maintained their third position in the list of major destinations for Brazilian exports with 891.85 million dollars, after China and the United States.
Despite the good performance of the Brazilian foreign trade sector in January, the trade surplus decreased by 9.2% compared to the same month of 2020, due to the increasing value of Arab countries’ exports to Brazil, which rose to 328.55 million dollars, an increase of 56.4% compared to January of last year.
The Arab Brazilian Chamber of Commerce stated that cereals (wheat and barley) topped the list of the most important products exported to Arab countries, reaching a value of 26.78 million dollars.
Egypt topped the list of Arab countries importing Brazilian products, as the value of its imports increased by 77.6 % to reach 209.35 million dollars; in January, Egypt’s imports of Brazilian corn rose by 277.6% , while sugar imports increased by 543% (34.87 million dollars).
The ABCC expects an increase in trade exchanges, and a diversification of products in light of the accelerating pace of the anti Covid-19 vaccination process.