Sales to Middle East and North Africa countries increased in the first quarter of the year despite a slowdown in overall exports from Brazil to the region.
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Sales from Egypt to the Brazilian market increased by 99.2% in the first quarter of this year. Shipments from Brazil to the Arab country were also up, especially those of cotton and live cattle.
The Ministry of Commerce, Industry and Investment Promotion presented economic data for 2024, including commercial registrations and foreign direct investment, both of which rose.
A disruption in oil exports impacted the Arab country’s growth last year, but GDP is expected to benefit from the sector’s expansion in 2025, according to the IMF. Libyans are currently producing nearly 1.4 million barrels per day.
The Latin American giant’s exports of machinery and equipment grew compared to February 2024 and January 2025, totaling USD 869.62 million. Over the two-month period, Argentina increased its purchases by 73.4%.
The country produced 3.48 million barrels of oil per day in February, with the largest volume coming from offshore fields and the pre-salt layer.
According to the port management company Mwani, 247 vessels docked in the country in March, marking a 9% increase compared to February. The volume of building materials alone saw an 118% surge in activity.
The Brazilian cement maker announced that it has completed the transfer of all its assets in the Arab country to China’s Sinoma Cement Co., Ltd.
Overall, the Arab country imported fewer Brazilian goods in February, but there was growth in the acquisition of less traditional products.
The emirate reported a gross domestic product of USD 326 billion last year, heavily driven by the non-oil sector. The manufacturing sector was the largest contributor, followed by construction.
Companies listed on the stock exchange of the Arab country reported net profits of USD 13.8 billion last year, compared to USD 12.7 billion in 2023.
Point-of-sale transactions in Saudi Arabia climbed last week, a growth led by jewelry purchases, which increased at 29.9%.
Growth was recorded in the first two months of the year compared to the same period in 2024.
The Emirati gas company announced the distribution of USD 3.41 billion in dividends for the 2024 fiscal year. According to the Chairman of the Board, it is the largest payment of its kind on the Abu Dhabi Stock Exchange.
