Brazil is a developing country having significant impact on the Latin American economy. Services and manufacturing are the predominant sectors contributing nearly 67 percent and 27 percent respectively to this country’s GDP (gross domestic product). Brazil is a country with a surplus in the balance of payments of US$17 billion. With these broad parameters, this South American nation is an excellent choice for procuring resources for production. Brazil procurement is directed at sourcing the best raw materials and industrial products in both semi-manufactured and manufactured forms.
Items of Export
With a monthly export worth US$22 billion which constitutes nearly 14 percent of GDP, this nation achieved a favourable balance of payment in 2012. The chief commodities of export of this country are transportation equipments, automotive parts, machineries, iron ore, footwear, coffee, and soybeans. The USA, China, Argentina, Venezuela, the EU (European Union), and The Netherlands are the chief export destinations of Brazil. Import partners include the USA, China, Argentina, South Korea, and Germany.
Resources of Brazil
This nation has huge reserves of iron ore, manganese, bauxite, tin, platinum, and gold. Large reserves of uranium and petroleum are other assets of this country. Among agricultural products, coffee, cocoa, sugarcane, wheat, soybeans, and citrus fruits are noteworthy. Timber and beef are other important products of this Latin American nation.
Industrial manufacturing is a vital area of revenue generation for this economy. Its strength lies in the manufacturing of chemicals, textiles, automobile and automobile parts, aircraft, cement, steel, shoes, and engineering items. Many of these items are exported as finished goods or intermediary products.
For doing business with Brazilian suppliers and manufacturers, knowledge of Portuguese is essential as this is the language of communication. To discuss your sourcing or procurement intelligence requirements from Brazil, please contact us.