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LatinNews Daily Report - 25 June 2012
In Brief - Brazil
ECONOMY | Brazil’s exports swing from Mercosur to the US. Brazil’s average daily exports to its Southern Common Market (Mercosur) partners, Argentina, Paraguay and Uruguay, were down 12.0% year-on-year in the first five months of 2012, according to latest figures from the ministry of development, industry and external trade (Mdic). In contrast, exports to the US grew 25% year-on-year in the same period, faster than anywhere else. Average daily export sales to Asia were up 10.4%. Brazilian exporters blame Argentina’s trade barriers for the slump. The Brazilian government is concerned, as Argentina and the other two Mercosur partners represent the main export market for Brazilian manufactured goods, whereas Asia/China and the US take more unprocessed raw commodities like soya, iron ore and beef etc. Much of the latest growth in sales to the US is made up of oil exports, as the US continues to look to diversify its oil suppliers. In 2011 Mercosur took US$25bn of Brazil’s manufactured exports, or 27% of the total. In the first five months of 2012, Brazil’s manufactured exports rose 5.2% overall, but its manufactured exports to Mercosur contracted 9.5%.
