Arabian market becomes new haven for Brazilian soy

Brazil exported US$50 million worth of soy to the League of Arab States in the first four months of 2009, up from zero sales in the same period last year, according to data from Brazil's Foreign Trade Secretariat.

 

In April alone, Brazil shipped US$26.1 million worth of soy to the League of Arab States. This reflects a trend whereby Brazil had snapped up the market share left by the drought-plagued Argentina, said economist Gilda Bozza from the Agricultural Federation of the State of Parana.

 

Leading suppliers to the market were Argentina and the US, but the drought had caused failed crops in Argentina and the Arabs were seeking alternate suppliers, said Bozza.

 

Parana was the leading soy exporting state to the League during the first four months of 2009, accounting for US$30 million of the total. Of the US$26.1 million recorded in April, Parana accounted for US$21.1 million.

 

In addition to Parana, the Brazilian states of Mato Grosso, Mato Grosso do Sul and Goias have also exported soy to the Arab countries.

 

The Arab nations that bought Brazilian soy from January to April were Saudi Arabia with US$20.5 million, Morocco with US$18.3 million, Egypt with US$11 million, and Lebanon with US$315.

 

Buyers in April were Saudi Arabia with US$14.9 million and Egypt with US$11.1 million.

 

The Arab nations that bought Brazilian soy, from January to April, were Saudi Arabia, with US$ 20.5 million, Morocco, with US$18.3 million, Egypt, with US$11 million, and Lebanon, with US$315. In April, the countries that purchased from Brazil were Saudi Arabia, with US$14.9 million, and Egypt, with US$11.1 million.