Brazilian Foreign Trade Association chair José Augusto de Castro expects food products to be the industry least impacted by coronavirus when it comes to exports, although there will be repercussions from plummeting prices and issues at seaports.
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Several countries consider plans of assistance to the sector in the face of flight cancellations due to coronavirus.
Brazil government announced tariff relief and other measures to deal with coronavirus, including temporary relief from IPI for goods used to fight the disease.
Demand for foreign products was up 14.6% and for domestic products 8% in January from December.
Several Arab countries made their announcements this Monday (16), in the wake of a historical interest rate cut put in place by the United States.
Brazil’s Banco do Brasil and Caixa Econômica Federal announced that financing will be made available to businesses whose finances take a hit from the pandemic.
Food trade balance in the Arab country posted surplus in the first two months of 2020 due to drop in the value of some imports.
The emirate’s trade balance posted a 5.4% decline. Manufactures topped the list of most imported merchandise.
The administration announced the measure in a bid to address the international oil price slump. The country is highly dependent on oil exports.
Saudi oil company reported last Tuesday (10) it would produce 12.3 million bpd starting April but increased its projection to 13 million barrels on Wednesday (11).
Company reported to the Saudi stock exchange on Tuesday (10) it would increase output starting April. Gulf markets rebounded.
The state-run oil company signed a contract transferring ownership of areas in Bahia, Brazil to Eagle.
Saudi announcement to cut productions and increase oil production made oil prices to plunge, impacting equity markets, which were already oscillating due to fears regarding coronavirus.
The Organization of Oil Exporting Countries suggested its members to reduce output. The goal is maintaining prices in a scenario of lower demand due to the coronavirus.
