Good morning! Today, the Middle East is the next frontier for Brazilian exporters. Congress gets a reprieve on its shady budget grants. Even with the spread of the Omicron variant, Brazil still does not require proof of vaccination from foreign tourists.
Brazil wants to get closer to the Middle East
Speaking at the Global Halal Brazil Conference in São Paulo, the Agriculture Ministry’s Deputy Trade and International Relations Secretary Flávio Bettarello said the government is moving to enhance commerce with Middle Eastern countries. With new trade deals, Brazil hopes to increase its agricultural exports beyond raw sugar, corn, and poultry — which remain the country’s biggest shipments.
Why it matters. Brazilian agricultural exporters continue to be over-dependent on China. Making the trade balance more diverse would reduce the country’s exposure.
- With Beijing still enforcing a ban on Brazilian beef since September 4, shipments were down 47 percent in November against a year prior — after already falling 43 percent in October.
Small poll. Among the 57 countries of the Organization of Islamic Cooperation, Mr. Bettarello notes that just five are responsible for half of all Brazilian exports to the group: Turkey, Iran, Indonesia, Saudi Arabia, and Bangladesh.
Market. Brazil is the...