Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Brazil's 2018 halal food exports may hit $5 billion: certification firm

Published 01/15/2019, 03:24 PM
Updated 01/15/2019, 03:25 PM
© Reuters.  Brazil's 2018 halal food exports may hit $5 billion: certification firm

SAO PAULO (Reuters) - Brazilian halal food exports grew about 10 percent in 2018, the country's largest halal certification firm said on Tuesday, despite fallout from a food sector scandal and a truckers' strike that disrupted meat production last year.

FAMBRAS Halal estimates sales of Brazilian halal food, including chicken, beef, honey and cheese, rose to almost $5 billion in the period despite the industry's multiple woes, it said in a statement.

"We failed to grow more as we had a very complicated year," Ali Hussein El Zoghbi, vice-president at the certification company, said in the statement.

Zoghbi cited the truckers' strike last May that disrupted supplies and exports as well as a sprawling investigation into collusion to avoid safety checks in the food sector, which damaged the reputations of several major meat packers and led to trade bans.

"These elements hampered chicken and beef production, the major items responsible for the sector's high revenue," he said.

Brazil is by far the world's largest exporter of halal meat, which complies with Muslim dietary rules.

But a tentative proposal by Brazil's right-wing President Jair Bolsonaro to relocate the country's embassy in Israel from Tel Aviv to Jerusalem could jeopardize that position.

Rubens Hannun, president of the Arab-Brazil Chamber of Commerce, said relocating the embassy could create "noise" in Brazil's commercial relationship with Arab nations and open the door for the competition.

According to the chamber, Brazil's total exports to a grouping of 22 Arab countries, which excludes non-Arab Muslim countries such as Iran, to swell to $20 billion by 2022, up from $13.5 billion in 2017.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.