The organization’s new ambassador in the Brazilian capital Brasília claims trade and mutual investment between Arab countries and Brazil can be worked on.
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Ministry of Agriculture issued project with norms for purchases of fertilizers and inputs from abroad and is open to suggestions for the next 60 days. Arab countries supply the product to Brazil.
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.
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 Brazilian state-run oil company produced 1.023 million barrels of oil equivalent per day in November, a 1.8% increase over October.
The Arab country plans on applying for observer status in the World Trade Organization. At a meeting with the Palestinian National Economy minister in Kenya, the Brazilian foreign minister signaled his country’s support.
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 IMF says the cheap commodity could mean asset quality and liquidity in the financial system might deteriorate. However, it also says local banks are well-capitalized and prepared to manage risks.
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.
Brazil’s National Federation of Industry estimates that the GDP will shrink this year and in 2016. Inflation is expected to be 10.5% in 2015 and 6.8% next year.
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.
The state-owned company’s chief Aldemir Bendine told the press that it will emerge stronger and more mature from the crisis, and that performance will improve within four years.
