Brazil imports from GCC hit $2.54b

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BRASILIA: The GCC region continues to display its strong ties with Brazil as reflected in the $2,544.14 billion worth of imports from the Gulf recorded between the first and third quarters of 2015, according to the recent reviews of the Brazilian Arab-Brazilian Chamber of Commerce, or ABCC.
In the same period, mineral fuel and oil were noted as the top imports amounting to a total of $1,751.03 billion. The positive trend showcases the steady trade relations between the two regions as well as Brazil and the Gulf’s dynamic business landscape.
To date, Saudi Arabia takes the top rank over other Arab countries for having the highest share in at 43.71 per cent with $1,112.08 billion worth of imports, followed by Qatar with 26.30 per cent at $666.54 million. The UAE comes third at 14.63 per cent with $372.08 million, while Kuwait has 11.51 per cent at $292.93 million. The UAE showcased marked growth compared to the previous year, recording an increase of 10.37 per cent, while Qatar experienced a 55.11 per cent growth.
Dr Michael Alaby, secretary-general and chief executive officer of the ABCC, said: “Brazil and the Arab region have always enjoyed strong bilateral relations, and the impressive numbers recorded within the first three quarters of the year underscore the immense trust and confidence placed by Brazilian Arab countries. In addition, it also highlights the Arab regions’ eagerness to address the demand for products from Brazil and offer high-quality commodities.”
Brazil has imported mostly mineral fuel and oil, which recorded a 68.83 per cent share of the overall recorded imports for the Gulf. This was followed by fertilisers with an 18 per cent share of the total amount at $458.13 million and plastic at 5.70 per cent with $145.04 million worth of imports between January and September of 2015. These three were ranked as the top commodities in demand within the region.