São Paulo – Brazil has become the world’s 20th leading importer country, according to the World Trade Organization (WTO). The country reached the position because its imports have grown the most among the world’s leading economies over the last five years.
Brazilian imports have more than doubled since 2005. Last year alone, there was a 43% increase in the country’s imports, the third highest rate among the leading economies in the world.
The WTO also stated that the rise in imports has driven Brazil into a scenario similar to that of the early 1970s, a time of reliance on imported petroleum. From 2009 to 2010, the country’s share in global imports has gone from 1.1% to 1.3%.
According to the organization, contributing factors to Brazil’s rise in the importer ranking include the real (Brazilian currency), which appreciated by 15% in one year, and economic expansion. Greater domestic consumption and investment by companies prompted an increase in purchases of machinery from overseas, according to the institution.
*Translated by Gabriel Pomerancblum
