Brazilian imports of mineral, fuel and fertilisers from the Gulf Cooperation Council (GCC) hit $2.5 trillion from the first quarter to the third quarter of the year, according to a recent review.
The Arab Brazilian Chamber of Commerce said that the mineral fuel and oil were noted as the top imports amounting to $1.7 trillion, showcasing the steady trade relations between the two regions as well as Brazil and the Gulf’s vibrant and 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 $1.1 trillion worth of imports, followed by Qatar with 26.3 per cent at $66.6 billion.
The UAE came in 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, 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 5.7 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.