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Agribusiness Is The Sector That Not Only Maintains Good Results But Also Sustains Brazil’s Exports During The Pandemic
One of the pillars of the Brazilian GDP, agribusiness once again demonstrates its strength and value. In the face of the global crisis caused by the coronavirus, the sector presents the best results in Brazil’s exports, sustaining the sales of numerous products to other countries.
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This year, from February to April, the exports of products in general totaled US$ 52.822 billion, according to data from the Foreign Trade Secretariat (Secex) of the Ministry of Economy. The sales of soy and derivatives and of meats – two of the main items on the Brazilian agenda – accounted for US$ 16.438 billion during this period, about one-third of the total.
During this period, exports of the same products (compared to the previous year) increased by 24%. In comparison, total exports rose by only 0.7%.
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According to Estadão, Asian countries are Brazil’s main clients. With a population of more than 1.4 billion people, China, Hong Kong, and Macau purchased the equivalent of US$ 17.734 billion in Brazilian goods from February to April – most of which came from the agricultural sector. Out of every US$ 100 in sales made by the country, one-third (US$ 33.57) went to the region.
In addition to the demand from the mentioned countries, agribusiness is also favored by the exchange rate. The high values recently seen in the dollar’s quotation against the real are surprising. On the last Thursday, the 21st, the American currency closed the session quoted at R$ 5.5818. The accumulated increase in 2020 is 39%. For agribusiness companies, this means more reals in the cash register for each dollar of exports.
The results directly affect the Brazilian GDP. Financial market economists currently project a contraction of 5.12% of the Gross Domestic Product (GDP) in 2020. While the GDP of services – heavily affected by social isolation – is expected to drop by 4%, the GDP of agriculture may rise by 2.48%, according to economists’ projections.
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