September 14, 2007

 

Brazil soy sales to Arab world surge 42 percent in August

 

 

Brazil's soy exports to Arabic countries rose 42 percent in August, compared to the month before, highlighting the rising popularity of soy in Arabic countries.

 

Soy is one of the top five Brazilian exports to the region, with value reaching US$ 29.5 million in August.

 

The sharp growth in soy was second only to coffee exports to the League of Arab States in terms of revenues, which rose 54.4 percent on-year.

 

The increased growth was the result of greater marketing efforts by sellers, helped by the trade missions the agricultural sector sent to the region, said Macel Caixeta, president of the Cereal, Fibre and Oleaginous Commission of the National Confederation of Agriculture and Livestock (CNA).

 

Brazil, one of the world's main producers, has potential to export more soy to the Arabs, stated Arab Brazilian Chamber of Commerce president Antônio Sarkis Jr.

 

Brazil's farmers are now starting to plant soy that would be harvested in the first half of next year. Caixeta said if the Arabs are interested in buying Brazilian soy in 2008, they must think in advance and close their contracts now.

 

The top Arab buyer in August was Morocco, with purchases of US$ 23 million. The country's Brazilian soy imports rose 13-fold  in April this year compared to April 2006.

 

Agribusiness exports to the Arab countries as a whole presented a small reduction in April this year when compared to the same month in 2006, dropping 3.84 percent to US$ 504 million.

 

One of the main causes for this reduction was the sugar and alcohol sector.

 

Exports for the first eight months of the year grew 15.88 percent to US$ 3 billion compared to the same time last year.

 

The main buyers among Arabic countries were Saudi Arabia, Egypt, the United Arab Emirates, Algeria and Morocco.