CNI estimates coronavirus to reduce Brazilian exports by US$18.6 billion in 2020

According to the National Industrial Confederation (CNI), the global recession generated resulting from the coronavirus pandemic may reduce Brazilian exports by at least US$18.6 billion, which is equivalent to 8.25% of the US$225.4 billion exported across the country last year. The entity made initial projections based on the estimate that global GDP would shrink 1.1% in 2020. In terms of volume, the COVID-19 pandemic is expected to reduce the exported quantity by 56 million tonnes. This represents an 11% drop in relation to the volume shipped by Brazil in 2019.

The Foreign Trade Secretariat of the Economy Ministry informed that Brazilian exports would only gradually return to normal. That’s because demand is low across the planet. The survey does not refer to exports to specific markets, as there is still no data available by country or region. The organization, however, informed that the impact on industrial exports will depend on the measures taken by other Latin American countries, as this is the main destination for Brazilian manufactured goods.

Source: Agência Brasil

Sharing is caring!