Brazilian exports to Arab nations climbed by around 7.9% until the end of July, compared to the same period the previous year, with more than 10.6 billion US dollars in total shipments from Brazil to Arab capitals.
The Secretariat of Foreign Trade (SECEX), on the other hand, reported that Brazilian imports decreased by 29.8% to USD6.1 billion.
Morocco was one of the nations that sent goods to Brazil between January and July of this year, along with Saudi Arabia, Algeria, the United Arab Emirates, and Qatar.
Trade between Brazil and Morocco reached $641.65 million in the first three months of 2023, a 37.16% increase over the corresponding period in the prior year.
Moroccan exports to Brazil increased by 49.31% from the first quarter of the previous year, according to the Brazilian Ministry of Development, Industry, Trade, and Services, rising from $223.56 million in 2022 to $333.81 million in 2023.
Brazilian sugar exports amountedUSD 2.1 billion this year, followed by beef, iron ore, soybeans, and poultry coming in second and third, respectively.
The trade surplus for Brazil is USD 4.5 billion, up 298.3% from the first seven months of 2022.
Sales to Brazil from Algeria increased from USD 429 million to USD 1.2 billion. sales from Egypt to the Latin American nation also increased due to increased paraffin supplies to Brazil.
The main Moroccan exports to Brazil were frozen fish ($16.72 million) and frozen meat ($18.24 million), in addition to fertilizers made of minerals or chemicals ($216.67 million), phosphate fertilizers made of minerals or chemicals ($55 million), phosphorus pentoxide, phosphoric acid, and polyphosphoric acids ($18.12 million).
Morocco and Brazil have lately improved their business ties, extending a pattern that started in 2016 with a record $3 billion in trade in 2022.
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