Ana Mano

SAO PAULO, (Reuters) – Brazilian exports to 22 League of Arab Nations countries rose in the first quarter due to a rise in prices for agricultural commodities and a desire to stockpile food. This was according to a statement that was sent to Reuters Tuesday.

According to the Arab-Brazil Chamber of Commerce, Brazil’s exports total to the group were $3.86 Billion in that period. That is nearly 34% higher than the time last year.

According to the statement, sales of the Arab nations have increased due to Russia’s and Ukraine’s decreased participation in the global fertilizer and grains trade. These are two main suppliers of wheat oil and sunflower oil.

Brazil’s largest export, iron ore, was at $690.29m in the quarter. This is a 12.5% decrease year-on-year. The strong domestic demand for food products benefited the exporters who made substantial profits.

The sales of chicken meat rose almost 11% to $591million, and sugar sales increased almost 20% to $588.8million in the first three month.

The sales of soybean products rose 122.8% and reached $318 million. Wheat exports grew by 438.06% to $285.86million.

The data shows that Brazil has also increased sales of corn and frozen meat by 27.21% and 165.73% to Arab countries, respectively.

Brazil’s Arab Chamber stated that countries outside of the Arab World are eager to ensure food supply, which is a huge boon for Brazilian exporters.

The Chamber raised concerns that the potential fall in fertilizer imports from Russia or Belarus could have a negative impact on Brazil’s 2022/2023 crop.