Egypt-Brazil Trade Exchange Hit $2.4 Billion

Volume of trade exchange between Egypt and Brazil during the first ten months of 2023 reached about $2.4 billion, making Cairo the 14th biggest partner of São Paulo.

Paulino Franco, Brazilian Ambassador to Egypt said that that commercial and investment activities between the two countries have steadily increased over the past years.

This came during a meeting, which was organized by the regional office of the Arab-Brazilian Chamber of Commerce in Cairo, in cooperation with the Brazilian Embassy in Cairo, and included a number of officials from the Ministry of Trade, Industry and Agriculture from the two countries, along with a delegation of Brazilian businessmen.

He added that Brazil is Egypt's largest trading partner in Latin America, while Egypt ranks fourth as Brazil's largest trading partner in Africa, resulting in a trade balance of $2.4 billion during the period (January - October) 2023, as Brazilian exports to Cairo recorded about $1.89 billion, while Egypt exported about $440 million to Sao Paulo.

He added that as part of the celebration of the 100th anniversary of diplomatic, social and economic relations between Egypt and Brazil, the direct Cairo-Sao Paulo flight line will be operated, which will further enhance communication and facilitate increased participation between the two countries.

Ashraf Mounir, Deputy Assistant Minister of Foreign Affairs for Latin America, said that Brazil is Egypt's first trading partner on the Latin American continent, and is the gateway for Egyptian products to the Latin continent, and Egypt is a gateway for Brazilian products to the African and Middle Eastern markets.

Brazil is an important trading partner for Egypt and that Egypt is ready to provide all the quantities of fertilizers that Brazil needs, especially urea and phosphate fertilizers, as the Foreign Ministry organized a visit for the ambassadors of Latin American countries in Cairo to the Abu Qir Fertilizers Company factory, and the regional office of the Chamber in Cairo played a major role during that visit.

Michael Gamal, Regional Director of the Arab-Brazilian Chamber of Commerce in Cairo, said that economic relations between Egypt and Brazil have grown significantly, especially since 2017 following the entry into force of the Mercosur Agreement, which led to the exemption of many Egyptian products from customs duties when they enter the Brazilian market.