Brazil revises up 2008 export forecast to $190 bln

Telco

Brazil has revised up its export anticipation for 2008 by $10 billion to $190 billion, local media reported Monday.

According to official statistics, Brazil’s exports for the first half of the year totaled $90.6 billion, a jump of 23.8% year-on-year. Brazil is the biggest exporter of iron ore, coffee, sugar and soybean, whose prices have soared, boosting the country’s export revenues since the beginning of this year. Meanwhile, Brazil’s imports in the first six months of 2008 reached $79.8 billion, marking a 13-year record hike of 52% year-on-year.

The exchange rate of the Brazilian real to the US dollar also rose nearly 20% in the last 12 months, greatly boosting imports. (people.com.cn)

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