Brazil’s Exports to Saudi Arabia Reach Highest Level in a Decade

Brazil’s exports to Saudi Arabia in 2023 reached the highest level in a decade, totaling $2.937 billion in the first eleven months of the year, excluding December data.

The peak of the historical series was in 2011, when Brazil exported $3.475 billion to Saudi Arabia. The $3 billion mark, expected to be surpassed this year, was also achieved in 2010.

These figures were obtained from the Ministry of Development, Industry, Trade, and Services (MDIC) through the Comex Stat portal.

The largest share of exports consisted of poultry, accounting for approximately 26%. Sugars and molasses followed at 24%, non-ground corn at 12%, soybean meal and other animal feed at 6.7%, soybeans at 6.6%, and beef at 6.4%.

A significant share of the products above are shipped in maritime containers. The chart below breaks down the trend in container exports from Brazil to Saudi Arabia between Jan 2019 and Nov 2023. The data was collected with Datamar’s maritime intelligence platform DataLiner.

Container Exports to Saudi Arabia | Jan 2019 – Nov 2023 | TEU

Source: DataLiner (click here to request a demo)

In an interview with CNN, Tatiana Prazeres, the Secretary of Foreign Trade at MDIC, stated that strengthening ties with Saudi Arabia could act as a “gateway” for Brazil to enhance trade with the Middle East.

“Often, strengthening the relationship with a country that is already our main partner in the region is a gateway to other countries,” she said.

Prazeres emphasized that Brazil’s commercial flow with Saudi Arabia is “significant” and highlighted the reduction in the trade deficit in 2022, a trend expected to continue this year.

Source: CNN Brasil

Click here to read the original text in Portuguese: https://www.cnnbrasil.com.br/economia/noticias/em-2023-exportacoes-do-brasil-a-arabia-saudita-atingem-maior-patamar-em-10-anos/

Sharing is caring!