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Category Pickups
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Created 2015-09-21
Owner sandywang5230
Title Brazil is still finding a home for its commodities
Description And Brazil’s consumers have higher debts and higher interests rates that have economists like Botham forecasting less spending. Even FIFA World Cup soccer coming to town in June, a narrative that once had investors bullish on Latin America’s biggest economy, is no longer a reason to feel bullish on Brazil. “FIFA wont have a huge impact on GDP. It will have some impact, but much less than people expect,” Botham says. Growth in the fourth quarter was mainly due to the services sector, which saw quarterly growth of 0.7%. Agriculture was flat and industrial production dropped by 0.2% as expected. The Brazilian Institute for Geography and Statistics, or IBGE, said the country recorded a0.9% drop in manufacturing output, a 0.1% decline in mining and no growth at all in construction. Oddly, this in a country that is supposed to be building roads, power plants and infrastructure for FIFA and the 2016 Summer Olympics in Rio de Janeiro. Thanks to runaway inflation, now a bit more under control, Brazilian companies have been slow to invest. Still, it’s not like Brazilian companies have given up. Public and private companies increased investments by 6.3% last year. Thursday’s surprising GDP numbers were due primarily to exports which got a boost from a much weaker currency. The Brazilian real is down 19.25% in comparison to the dollar over the last 12 months. Despite slowdowns in China and Europe, Brazil’s top two trading partners, Brazil is still finding a home for its commodities and manufactured goods. It exported $2.17 billion worth of goods to China in January compared to $1.7 billion in January of 2013. Last year’s total exports to China hit a record breaking $46 billion. fifa 16 coins Even iron ore shipments to China have risen both in price and in tonnage. Brazil shipped over $1.28 billion worth of iron ore to China in January compared to $1.05 billion in January 2013. Exports to the European Union have slipped somewhat, with January bringing in $3 billion compared with the $3.1 billion last January. Moreover, E.U. shipments have declined in value over three years. Last year Brazil sold $47.7 billion worth of goods to the E.U., down from $49 billion in 2012 and $53.1 billion in 2011. A stronger E.U. will be good for Brazil, providing China does not retreat. Closer to home, economists expect monetary tightening in Brazil to be drawing to an end. The effect of rising interest rates, however, will be felt in Brazil for most of the year. Lower rates could get companies investing in growth again.
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