Brazil seeks greater share of US$1tr halal food market

Brazil is seeking to negotiate new trade agreements that would make it possible to diversify agricultural products exported to Islamic countries beyond items such as raw sugar, corn, and chicken meat, said a representative of the Brazilian government during an event on Monday.

Speaking at the Global Halal Brazil business conference in São Paulo, the assistant secretary of Commerce and International Relations, Flávio Bettarello, said that as a member of the Mercosur trade bloc, Brazil is in negotiations with Indonesia, Lebanon, and Morocco to expand the access to these markets.

“There is concern regarding the types of products exported and the destinations,” said Bettarello.

The Organization for Islamic Cooperation (ICO), which brings together 57 members, imported US$190.5 billion in food such as wheat, corn, sugar, rice, milk, and dairy products in 2020, according to figures from the Arab-Brazilian Chamber of Commerce. Of this total, Brazil is responsible for 14.1 billion dollars, the data showed.

Bettarello said that around half of Brazil’s exports to ICO countries go to just five nations. He named Turkey, Iran, Indonesia, Saudi Arabia, and Bangladesh as the group’s largest importers.

He said that Brazil will continue to seek to access new markets and diversify the products sold, and cited the benefits of a recent trade agreement with Egypt.

The change reflects Brazil’s desire to hold a greater share in the global food trade.

The country is already the world’s largest exporter and producer of halal meat, including beef and chicken, which are produced in accordance with Muslim precepts.

Muslims spent about $1.17 trillion to buy food in 2019, according to the widely cited report, State of the Global Islamic Economy Report.

By 2024, Muslims are expected to spend 1.38 trillion dollars to buy food, according to the report.

Source: Money Times

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