The non-oil trade exchange between the UAE and Brazil reached some $2.7 billion during 2016, said a report, noting that the bilateral trade between the two countries has maintained elevated levels during recent years.

The non-oil trade exchange between the UAE and Brazil reached some $2.7 billion during 2016.

In its report, which was issued today, on the review of the UAE’s trade policy with Brazil, the Ministry of Economy stressed that the bilateral trade between the two countries has maintained elevated levels during recent years, despite the economic slowdown of the Brazilian economy, reported Wam, the Emirates official news agency.

The ministry noted that meat and poultry products topped the list of exports and imports between both countries, as well as iron, aluminium, gold and precious metal crafts, and electric equipment.

The report further noted that the Brazilian economy suffered from a slowdown in its growth rates in 2015 and 2016, due to a severe economic recession in 2014, the worst in the country’s history. It added that Brazil’s annual Gross Domestic Product (GDP) rate decreased from 3 per cent in 2013 to 0.9 per cent in 2014, following several internal challenges that negatively affected investor confidence, while accompanied by a sharp increase in the rate of inflation, reaching 8.7 per cent in 2016, and an unemployment rate of 11.3 per cent during the same year.

The report also stated that Brazil is still open to foreign direct investments (FDI) and has succeeded in attracting FDI flows that averaged between 2 to 3.3 per cent of GDP, which covered the current account deficit from 2015 to 2016.