Brazil's Trade Results and Top Trading Partners in 2009
Brazil is one of the leading developing countries, one of the four emerging markets comprising the B-R-I-Cs (i.e., Brazil, Russia, Indian and China). Its economy has overall proved to be resilient during the global economic crisis. Nevertheless, Brazil did not escape the crisis unscathed. According to Brazil’s Ministry of Development, Industry & Commerce, Brazil’s exports decreased nearly 25% from 2008 (US$198 billion) to 2009 (US$153 billion), and its imports likewise decreased about 25% during that period from US$173 billion to US$127 billion. In 2009, for the first time, China became the largest importer of Brazilian products, replacing the United States. Although exports decreased by about 20% from 2008 to 2009 due to the global economic crisis, exports to China increased by over 20% from during that period (comprising 10.2% of Brazil’s total exports). Meanwhile exports to the United States decreased by nearly 40%, comprising 10.2% of Brazil’s total expo...