Cairo, Egypt: The Minister of Trade and Industry Nevine Gamea noted that the country’s exports to Brazil had witnessed a significant rise of 155.4% in the year 2021. With this, the revenue numbers have reached $542m.
This percentage is higher compared to that of 2020, which stands for $212m. The Minister noted that this is a historic moment as, for the very first time, the export numbers have risen since the establishment of their trade relations. With this, Egypt ranked 32nd in the list of nations exporting to Brazil.
“Execution of the free trade agreement penned down between Egypt and Mercosur nations in the year 2017 & the announcement of full liberalisation, including the customs drops for a large number of goods exchanged between the two parties contributed to the preeminent trade relations between Egypt and the nations of the grouping”, the Minister added.
The above-mentioned countries include – Brazil, Argentina, Uruguay, and Paraguay. The volume of the trade exchange has also witnessed an increase, reaching $2.5bn in the year 2021 compared to 2020s $1.9bn — an increase of 30 per cent.
During the last year, the most notable Egyptian exports to the Brazil market includes phosphate fertilisers worth – $183.4m, an uptick of 218.6%, which is being followed by superphosphate with a worth of $50.8m, up from $3.6m, which is an increase of 1350%.
Then comes urea, with a value of – $38.3m compared to $23.2m (witnessing an increase of 65%), and Polyvinyl with worth – $27.6m, up from $11.5m, which is an expansion of 140%.
Meanwhile, the Head of the Egyptian Commercial Service office in São Paulo, Yahya Al-Wathik Bellah, further sharing the data, noted that the coverage ratio of the Egyptian exports to imports reached 25%. This percentage is twice the coverage ratio of the previous year.