Day: February 4, 2020

Industrial production fell 1.1% in 2019

After two years of expansion, Brazilian industrial production fell 1.1% in 2019, compared to the previous year, according to data from the Brazilian Institute of Geography and Statistics (IBGE). The extractive industry was the one with the greatest negative influence on the results for 2019, decreasing 9.7%, pressured by the lower production of iron ore after the Brumadinho tragedy.

Bolsonaro asks Congress to prioritise economic agenda

Brazil President Jair Bolsonaro sent a message to Congress saying that his legislative priorities for the year are the tax reform, the autonomy of the central bank, Eletrobras privatisation, entry to the Organization for Economic Cooperation and Development (OECD), job creation and the enactment of a regulatory framework for public sanitation. Lawmakers returned from the Christmas break focusing on local elections in October, something that can hamper the passage of substantial laws this year.

Meatpackers build up expectations on Chinese market

“ASF, coronavirus and a new outbreak of bird flu influence consumer habits and may drive Chinese demand for Brazilian meat,” said Francisco Turra, president of Brazil’s meat industry association ABPA. The new threat reported on Saturday comes as China has been trying to increase local poultry output to substitute for pork. Last year, Chinese imports of Brazilian chicken rose 34% while its imports of Brazilian pork jumped 61%.

Brazil and US sign nuclear energy cooperation agreements

The Brazilian Association for the Development of Nuclear Activities (ABDAN) and the Nuclear Energy Institute of the United States (NEI) signed a memorandum of understanding during the Brazil-USA Energy Forum in Rio do Janeiro. In the presence of Brazil’s Energy Minister, Bento Albuquerque, and US Energy Secretary Dan Brouillette, a letter of intent was also signed between Eletronuclear and the US company Westinghouse to extend the life of the Angra I nuclear power plant.

Brazil posts first January trade deficit in five years

Brazil posted a trade deficit of $1.745 billion in January, the first shortfall for the month of January in five years and an indication that trade might continue to be a drag on overall economic growth. The setback was fuelled more by a sharp fall in export, which were 20% down to $14.43 billion from the same month last year, rather than imports, which also fell 1.3% to $16.175 billion, Economy Ministry figures show.