The UN’s Economic Commission for Latin America and the Caribbean believes Brazil will hold back Latin America’s performance and that its Gross Domestic Product will contract anew in 2016.
Author: From the Newsroom
Report by the International Monetary Fund indicates an improvement in the macroeconomic situation of the Arab country. Prospect of improvement is driven by the agriculture and construction sectors.
The United States currency gained 1.24% on Brazil’s real and the São Paulo Stock Exchange remained virtually flat, at a marginal 0.32% increment. Brazil’s credit downgrade swung the exchange rate.
The agency is the second one to revise down Brazil’s rating and says the move comes as a result of recession, adverse fiscal developments and the political scenario.
The Arab country bought USD 19.6 million worth of Brazilian shoes from January through November. Saudi Arabia’s imports declined.
Year-to-date until November, administrative expenses increased in comparison to the same period of last year. But, with inflation adjustment factored in, spending was lower.
The estimation by the minister of Agriculture Kátia Abreu takes into account the opening and securing of new markets abroad occurred in 2015, especially for beef exports.
Brazil exported USD 4.2 billion and imported USD 2.6 billion worth of goods last week. Average daily foreign sales were up 12%, with purchases down 6.5%.
A Brazilian Central Bank poll of financial institutions shows that inflation is expected to rise this year and in the next as Gross Domestic Product (GDP) shrinks.
Foreign sales totaled USD 910 million from January to November and caused the food trade balance to post a surplus.
Brazilian coffee exports to the Arab world reached 1.36 million bags from January to November of this year, according to coffee exporters association Cecafé. Revenues from sales to the region also improved.
Three sections of the Port of Santos were leased for the next 25 years. Winners will be required to make investments.
Brazil grossed USD 3.04 billion from exports last week and imported USD 2.2 billion worth of goods. The country ran trade surpluses in the week and year-to-date.
The country is negotiating loans of USD 1 billion with the World Bank and USD 500 million with the African Development Bank.
