In 2009 China imported Brazilian goods worth $19.9 billion, up US$ 3.5 billion above 2008.
The third biggest importer of Brazilian goods is Argentina, US$ 12 billion in 2009. In 2008 the number was US$ 17.6 billion.
On the other hand, the US is still the biggest source of imported goods in Brazil: United States exports to Brazil were worth US$ 20.2 billion in 2009. China exported US$ 15.9 billion worth of goods to Brazil, and Argentina US$ 11.3 billion.
According to Welber Barral, the secretary for Foreign Trade at Brazil’s Ministry of Development, Industry and Foreign Trade, it is possible that the US will recover first place as Brazil’s biggest export market once again in 2010 (a position it has held since the Second World War).
It is expected that the US will expand at around 1.5% in 2010. However, says Barral, the level of commerce will hardly return to the level of 2008.
Foreign Reserves
Brazil’s Central Bank reports that Brazil closed out 2009 with record international reserves of US$ 239.054 billion, up US$ 32.284 billion over the close in 2008.
The institution’s Exchange Rate Flow Bulletin reveals that one of the main reasons for the rise in reserves has been the Central Bank’s return to the policy of purchasing dollars in order to stem devaluation.
In 2009 the valuation of the real was 25%, which sharply reduced the competitivity of Brazilian exports on international markets.