Brazil may have the opportunity to meet China’s demand for pork, as Asian pigs have been affected with the African swine fever, said Renato Rasmussen, director for Market Intelligence with INTL FCStone, consultant for commodities, capital markets, and asset management.
China remained the main destination of Brazilian exports in 2018, and figured among the countries contributing to Brazil’s $58.7 billion surplus in commercial transactions with other countries last year.
Soybeans account for 16% of the total amount of Brazil’s exports to the world for the first six months of the year. Adding iron ore and oil, the percentage reaches 33%.
The International Monetary Fund (IMF) raised the growth estimated for Brazil to 2.3% in 2018, and to 2.5% in 2019. The forecasts are part of the World Economic Outlook, published today (Apr. 17), and represent 0.4 percentage points above those published in January.
Brazil hit a $4.56 billion trade surplus in February, a peak level for the month of February since the beginning of the government's time series in 1989.
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