Changes in economic policy and trade relations should boost sales of Brazilian products abroad. Experts consulted by the Central Bank are betting that Brazil may reach almost US$ 300 billion in exports in the coming years. The estimate is in the Market Expectations System, which gathers daily forecast surveys of the Brazilian economy from about 130 banks, fund managers and other institutions. The numbers were released on February 1.
This year, foreign sales are expected to total US$ 249.05 billion, according to market forecasts. In 2023, the estimated value is US$ 295 billion. If predictions are confirmed, total growth in the period will be of 18.47%.
According to economist Silvio Campos Neto, the domestic economic agenda will be one of the main factors driving this increase. “The indications are in a positive direction in terms of competitiveness. Removal of bureaucratic hurdles, a simpler tax system, and pension reform will all help reduce economic uncertainties. These are structural measures that reduce costs and tend to stimulate exports,” he says.
Products with the potential to gain prominence in sales abroad include agribusiness, mining and oil goods. “China is our main partner. It is a country that should grow less in the coming years, but still has a very high demand for this type of product,” Campos Neto explained.
Brazilian exports reached US$ 18.5 billion in January, the highest amount for the month in the last 30 years and a 9.1% increase year-over-year. According to the Ministry of the Economy, the increase in exports was driven by higher sales to the foreign market of oil rigs, aviation equipment, airplanes, fuel oils, cast iron, cellulose, copper ore, bulk maize, soybean meal, iron ore, and others.
-Brazil gov news