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Brazil plans to export 168 billion USD in 2010

Wednesday, November 25th 2009 - 04:37 UTC
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Deputy Trade Minister Welber Barral said the Brazilian estimate was in the framework of IMF’s global forecast Deputy Trade Minister Welber Barral said the Brazilian estimate was in the framework of IMF’s global forecast

Brazil targets exports of 168 billion US dollars for 2010 (compared to 160 billion USD in 2009) announced Deputy Trade Minister Welber Barral during the opening of a foreign commerce forum in Rio do Janeiro.

The target is 10% higher than the 154 billion US dollars exported in the last twelve months to October 2009, which is “even better” than expected at the beginning of the year.

“Brazil took off in 2009 with very severe impacts from the world crisis but managed a relative recovery as months passed by which anticipate we can look forward to a strong recovery of Brazilian exports in 2010”, added Barral.

The Brazilian official said that next year’s target is compatible with the forecasts from the IMF which estimates that the world’s total foreign sales should increase 9.5% next year, reaching 13.01 trillion US dollars.

According to the latest data from the Brazilian ministry, between January and mid November exports totalled 134.7 billion US dollars, which is 24.4% less in value that in the same period of last year.

However private estimates believe total exports in 2009 will be in the range of 155 to 159 billion USD instead of the 160 forecasted by Barral.

The Brazilian official said that to ensure a 10% expansion in overseas sales next year the country needs to continue investing in diversifying markets.

“We need to recover spaces in the US and European markets, although the IMF points out that recovery will be stronger and steadier in the developing countries, mainly Asia”, he said.

Nevertheless this year exports will be 20% below the 2008 record of 198 billion USD, when overseas sales had not yet been bashed by the impact of the global economic recession.

However 2008 was also below the government original target of 202 billion USD. The trade surplus last year climbed to 24.7 billion USD, which was 38.9% lower than the 40 billion of 2007.

Brazilian exports so far this year have managed to increase in merit to market diversification and the rise in the international prices of some commodities of which Brazil is a leading exporter.

These two factors have helped compensate the loss of competitiveness of Brazilian exports which have been severely hit by the strong appreciation of the local currency against the US dollar (30%) and the fall in volumes shipped because of the global crisis.

Categories: Economy, Brazil.

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