The country posted a USD 923 million surplus in the first month of the year. Exports fetched USD 11.246 billion and imports amounted to USD 10.323 billion. Sales to the Middle East slowed down.
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Financial institutions believe the rate will mark 7.26% this year and 5.8% in 2017, according to Focus bulletin by the Brazilian Central Bank.
The International Monetary Fund said the oil glut has affected the country’s economy and suggests cost containment measures including tax raises and wage freezes.
International Monetary Fund technicians have completed their third review of the country’s economy and the precautionary and liquidity line, which serves as a buffer against the crisis, remains in place.
The president of the Arab Chamber pointed out the importance of long-term contact for the maintenance and expansion of business with Middle East and North Africa countries. The Chamber released extensive activity calendar.
In a lecture at the Arab Chamber, Zeina Latif stressed the need to get the country’s finances in order so it can grow again and draw investments in. She also said the export portfolio needs diversifying.
According to Brazilian Institute of Geography and Statistics, the average rate throughout the year stood at 6.8%, an increase of two percentage points over 2014.
Industry association data show a 16.2% decline in the year. However, upward foreign sales numbers in November and December might be a novel trend, the association says.
Survey by FGV shows an increase of 2.5 points in January 2016 over December of last year.
New president of the Brazilian Association of Defense and Security Materials Industry, Frederico Aguiar, says that Brazil can work in partnership with friendly Arab countries through exports and industrial operations in the region.
The World Bank revised down forecasts for 2016 prices of 37 of 46 basic products analyzed. Global supply should remain large, with demand standing low.
Brazil registered a USD 58.9 billion current account deficit in 2015, the lowest amount since 2010. The hike of the US dollar and the shrinking domestic GDP were contributing factors.
In the third week of January, USD 2.442 billion were exported and USD 2.599 billion were imported, with the result being a deficit of USD 156 million.
On February 20th and 21st, leaders of African countries and business owners will discuss ways of promoting mutual investments in the continent and attracting the private sector.
