An estimate by the Higher Economic Council (COSEC) of the Federation of Industries of the State of São Paulo (FIESP) puts Brazilian export growth this year at 9-10%, according to council member, Octavio de Barros.
Following a COSEC meeting on prospects for the country’s balance of payments, he informed that the chances are good that this year’s surplus will attain US$ 18.5 billion.
"Despite the slowdown, growth in the global economy will be very similar to last year, and what determines export performance, much more than the exchange rate, is global demand, which is very vigorous, in both the emerging regions in Asia and the central countries. The outlook is positive for Brazilian exports," the councilor remarked.
Barros explained that the falling exchange rate reduces exporters’ profits, but he stressed that one cannot forget that global demand remains vigorous and that exporters seek to cut costs and increase efficiency to stay competitive on the international market.
"Exports have become very important to companies in Brazil. The weight that exports have in total company revenues is impressive."