Brazil has become the world's second exporter of soy beans totaling 25.6 million tons in 2006/07 and one of the country's main sources of international income. But as in Argentina and other countries soy expansion is becoming controversial in spite of the fact the government expects the volume of production to keep expanding.
Brazil has replaced Mexico as the European Union's top market in Latinamerica, according to a Latin Business Chronicle analysis of 2007 trade data from Eurostat. Meanwhile Latinamerica trade with the European Union continues to grow at faster levels than with the United States, the analysis shows.
Agriculture minister Reinhold Stephanes admitted that Brazil must recover the European Union confidence regarding beef following the recent temporary suspension of shipments imposed by the 27 country block.
Brazil's government managed oil corporation Petrobras Energia announced the investment of 2.4 billion US dollars in hydrocarbons exploration and exploitation in Argentina in the next four years.
Brazil's Foreign Secretary Celso Amorim said that those countries which have signed free trade agreement with United States are the most vulnerable to the consequences of the US housing and banking crisis, contrary to Brazil that has diversified markets.
Brazil announced drastic plans to increase wheat production and cut its dependency on imported grain mainly from Argentina. The target is by 2012 to supply 60% of the domestic market. Brazil currently imports 80% of the wheat consumed by its population of 186 million.
Brazil's central bank must keep the benchmark interest rate unchanged for the time being and avert increases that would further strengthen the Real and derail an economic expansion, said two economic advisers of President Lula da Silva according to reports in the Sao Paulo financial press.
Brazil's government managed oil corporation Petrobras announced Tuesday that its first oil rig designed to produce extra heavy petroleum went online on Tuesday. The special rig is located in the Badejo field in the Campos basin, off Rio do Janeiro according to a release from Petrobras.
Brazil's industrial output climbed 9.7% in February, the highest in the last four months and the 20th straight gain in year-on year industrial production according to the latest release from the government.
Brazil's oil government managed company Petrobras and government owned Petróleos de Venezuela (PDVSA) signed on March 26 an agreement that sets the bases for the partnership between the two companies for the Abreu e Lima Refinery, in Northeastern Brazil.