Minister of Trade and Industry Nevine Gamea has announced that Egyptian exports to the Brazilian market significantly increased in 2021 by 155.4%, reaching $542m, compared to 2020’s $212m.
Gamea noted that this increase is the first in the history of Egyptian exports to Brazil since the establishment of trade relations, thus contributing to Egypt’s 32nd rank in the list of countries exporting to Brazil.
The minister said that the implementation of the free trade agreement signed between Egypt and Mercosur countries in 2017 and the announcement of full liberalisation as well as customs reductions for a large number of goods exchanged between the two parties contributed to the distinguished trade relations between Egypt and the countries of the grouping, which include Brazil Argentina, Uruguay, and Paraguay.
Gamea added that the volume of trade exchange between the two countries also witnessed a remarkable increase, reaching $2.5bn in 2021 compared to 2020’s $1.9bn — an increase of 30%.
She pointed out that the most prominent Egyptian exports to the Brazilian market during the past year included phosphate fertilisers with a value of $183.4m,up from $58.8m — an increase of 218.6%; followed by superphosphate with a value of $50.8m, up from $3.6m — an increase of 1350%; urea, with a value of $38.3m compared to $23.2m — an increase of 65%; and Polyvinyl with a value of $27.6m, up from $11.5m — an increase of 140%.
Yahya Al-Wathik Bellah, the Head of the Egyptian Commercial Service office in São Paulo, stated that the coverage ratio of Egyptian exports to imports reached 25%, which is double the coverage for the previous year, which exceeded only the value of Egyptian exports to Brazil during 2019 and 2018.
