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03/07/2017 - 18:37hs

Exports to Middle East up 25%

Foreign sales from Brazil to the region amounted to USD 5.6 billion in the first half of the month. Overall, the country saw a USD 36 billion trade surplus.

São Paulo – Average daily exports from Brazil to the Middle East increased by 25.4% in the first half of this year from the comparable year-ago period, the Brazilian Ministry of Industry, Foreign Trade and Services reported this Monday (3). Revenue from sales to Middle East countries reached USD 5.633 billion.

As a result, the Middle East’s share of total exports from Brazil went up, from 5% in H1 2016 to 5.2% in H1 2017.

According to the Ministry, items whose sales to the region increased the most were sugar, iron ore, beef, hunting/sports ammunition, chassis and motors, soybeans, poultry, automobiles, coffee beans, precious/semi-precious stones, and cast iron pipes.

Conversely, Brazil’s imports from Middle East countries were up 6.7%, driven by crude oil, urea, potassium chloride, fertilizers, plastic polymers, insecticides, semi-finished iron/steel products, aircraft parts, aluminum alloys, acyclic alcohols and non-fabrics.

Brazil imported USD 2.016 billion worth of goods from the Middle East, leading to a USD 3.617 billion trade surplus on Brazil on the Brazilian side.

Record surplus

Total exports from Brazil reached USD 107.7 billion in H1 2017, up 19.3% from H1 2016 as per average daily figures. Brazil’s imports amounted to USD 71.495 billion, up 7.3%.

Brazil ran a USD 36.219 billion trade surplus in H1, the widest ever, and up 53.1% from the surplus seen in H1 2016.

The Ministry revised up its full-year surplus forecast from USD 55 billion to USD 60 billion; if it proves true, the number will be a record. Last year’s trade surplus was USD 47.7 billion. The director of the Ministry’s Department of Statistics and Support to Exports, Herlon Brandão, said the forecast revision was underpinned by expectations surrounding H2 trade.

“Several products stood out when it comes to the export/import performance. This should remain a pronounced trend during the second half,” said Brandão. The products driving exports include soybeans, iron, oil, sugar and vehicles, the director said.

H1 saw foreign sales increase across the board: basic goods (27.2%), semi-finished goods (17.5%) and finished goods (10.1%). Imports increase for fuel and lubricants (30.1%), semi-finished goods (13%) and consumer goods (5.3%). Capital goods exports slid by 27.6%.

In June alone, Brazil posted a USD 7.195 billion trade surplus, up 81.3% from June 2016. Exports reached USD 19.788 billion, up 23.9% from June 2016, while imports stood at USD 12.593 billion, up 3.3% as per average daily numbers.

With information from Agência Brasil. Translated by Gabriel Pomerancblum

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