Brazil’s Commodity Exports to Arab Nations Rising Quickly

Reuters says Brazilian exports to the 22 countries in the League of Arab Nations rose in the first quarter amid a spike in agricultural commodities and a drive to stock up on food. 

Brazil’s total exports hit $3.86 billion during the period, 33 percent higher than the same time last year. 

Iron ore typically accounts for most of Brazil’s sales to Arab nations. That hit $690.29 million in the first quarter, a drop of 12.5 percent year-on-year. 

But strong food demand worked in favor of the country’s exporters, who made a windfall. 

Brazil’s chicken meat sales rose by over 10 percent to $591 million, while sugar sales jumped over 19 percent to almost $589 million in the first three months of this year. 

Soy product sales were 122 percent higher than the same time last year, coming in at $318 million. 

Wheat exports jumped more than 438 percent to almost $286 million.

(Story Courtesy of the NAFB News Service)